Abstract This paper argues for a metacognitive reading of Kant’s doctrine of ‘aesthetic ideas’, according to which they enjoy the functional role of licensing a theory of art interpretation. I begin by offering a textualist reading of Kant’s doctrine of ‘aesthetic ideas’ and contest the received ‘semantic paradigm’ according to which aesthetic ideas either approximate the form or content of a rational idea. After showing the relationship between aesthetic ideas and artistic interpretation, I assess whether Kant’s theory delivers what we want from a theory of artistic interpretation. I subsequently show how Schelling’s conception of artistic production and reception in the System of Transcendental Idealism (1800) draws from Kant’s doctrine of ‘aesthetic ideas’. After analyzing the relationship between Kant and Schelling’s accounts of art interpretation, I evaluate which account we ought to prefer.