The so-called frieze of the Caciques at Tula, Hidalgo, Mexico, is an 8-m-long bench with most of its original polychromed face intact. It formed part of a larger composition that once ran around the perimeter of the Vestibule, a colonnaded hall that served as a foyer for Pyramid B. The composition of profile males is adapted to look as if they are actually marching around the room toward the pyramid. Although Hugo Moedano Koer (1947) identified the figures as caciques or local chiefs, an analysis of architectural setting, subject matter, and ethnohistory suggests instead that the figures represent merchants engaged in rituals related to trade. This new reading demonstrates that Tula had decorative programs paralleling its development as an important center of long-distance exchange during the Early Postclassic period, and that merchants from Tula may have been a plausible prototype for Aztec pochteca.