By assuming that a group of nefarious actors collude to harm a perceiver’s ingroup, conspiracy theories are an intergroup phenomenon. What are the group-oriented motivations underlying belief in conspiracy theories? This contribution proposes that conspiracy theories are associated with both symbolic, identity-based motivations and realistic, harm-based motivations. As symbolic motivations, conspiracy theories help people develop, maintain, and protect a positive social identity. Conspiracy theories can unite people through a shared belief system, provide a basis for favorable intergroup comparison, and enable perceivers to attribute ingroup status threats to external forces beyond their control. As realistic motivations, conspiracy theories prepare people for conflict with other groups. Conspiracy theories transform an abstract sense of distrust into concrete allegations of misconduct. This provides a signal that an outgroup is threatening, mobilizes the ingroup, and promotes a readiness to fight. I discuss the implications of these processes for theory and practice.