Most Brazilians believe that racial and socioeconomic inequalities tend to overlap—in other words, blacks are poorer because they have less education and worse jobs. In the past few years, however, several quantitative studies have presented an interesting puzzle: racial inequalities are strongest among those at the top of the socioeconomic hierarchy. This article explores the “elitist profile” of racial discrimination through eighty in-depth interviews with black professionals in Rio de Janeiro. The results show that interviewees describe their trajectories of social mobility through mechanisms that involve both socioeconomic and racial exclusion. Their perceptions of injustice, however, are more directly related to experiences of racial discrimination. In narrating incidents of discrimination, interviewees stress the distinction and tensions between what we call generalized prejudice and particularized universalism.