ABSTRACT In this paper, we examine the centrality of mestizo people in the Mexican national political and social project of mestizaje. We argue that mestizos are far from homogenous, and that exploring their socio-economic and cultural differences sheds light on how racial hierarchies operate in contexts of mestizaje. Using data from the Project for Ethnicity and Race in Latin America (PERLA), we (1) uncover the heterogeneity of the mestizo population in terms of Indigenous background; (2) show how skin color and place of residence predicts membership of different subgroups within the mestizo population that vary in terms of their Indigenous affiliations, and (3) reveal educational and socio-economic inequality within the mestizo population based on individuals’ Indigenous affiliations and skin color. We provide a nuanced understanding of how anti-indigenous and anti-black racism conflate in contexts where racial mixing is part of the ideology and daily practices of social life.