In the context of a national conversation about exclusionary discipline, we conducted a multilevel examination of the relative contributions of infraction, student, and school characteristics to rates of and racial disparities in out-of-school suspension and expulsion. Type of infraction; race, gender, and to a certain extent socioeconomic status at the individual level; and, at the school level, mean school achievement, percentage Black enrollment, and principal perspectives all contributed to the probability of out-of-school suspension or expulsion. For racial disparities, however, school-level variables, including principal perspectives on discipline, appear to be among the strongest predictors. Such a pattern suggests that schools and districts looking to reduce racial and ethnic disparities in discipline would do well to focus on school- and classroom-based interventions.