The Xiangxi-Qiandong metallogenic belt (>300 Mt sulfide ores @∼4.0 wt% Pb + Zn), located at the southeastern margin of the Yangtze Block, is one of the important Pb-Zn producers in China. Although carbonate-hosted Pb-Zn deposits in this district have attracted great attention during past decades, many issues, particularly the ore genesis and geodynamic setting, remain unclear. In this study, we take the Limei and Yutang deposits as typical case studies, using detailed geology, rare earth elements and yttrium (REY) geochemistry of fluorite and sulfides in situ S-Pb isotopes, to propose a new model for early Cambrian reef limestone-hosted Pb-Zn deposits in the district. REY contents (0.47 to 8.67 ppm; mean = 3.99 ppm) in fluorite from Limei and Yutang slightly deplete in LREE and HREE relative to MREE, indicating that the REEs and metals were transported predominantly as chloride complexes in a low-temperature (<200 °C) hydrothermal fluid with high saline. New δ34S values of sulfides (+27.66 to + 35.46‰ in Limei and + 24.80 to + 36.07‰ in Yutang) imply that S2- was originated from evaporite sulfate within ore-hosting strata via thermo-chemical reduction (TSR) as the presence of reducing agents (bioclastic limestone and organic matter). In situ δ34S values show a slightly large range (variation up to 11.27‰) and vary significantly within single grain (up to 4.60‰), which may be inherited from the S composition of H2S in the original fluid. In situ Pb isotopic ratios of sulfides from Limei (206Pb/204Pb = 18.001–18.269, 207Pb/204Pb = 15.645–15.796 and 208Pb/204Pb = 38.243–38.597) and Yutang (206Pb/204Pb = 18.135–18.384, 207Pb/204Pb = 15.714–15.924 and 208Pb/204Pb = 38.347–38.874) positively correlates in Pb-Pb diagrams, indicating the mineralizing metals are mainly derived from Proterozoic basement rocks with an amount of contribution from early Cambrian sedimentary rocks. Mineralogy, fluorite REY geochemistry and sulfides in situ S-Pb isotopes together with previously reported mineralization ages suggest that the mixing of metal-rich fluid from basement rocks and the H2S-rich fluid originated from ore-hosting strata plays an important role in forming the Pb-Zn deposits of Limei and Yutang. This study provides a typical example for better understanding the genesis and geodynamic setting of MVT deposits in the foreland basin, South China.