In recent decades, Claude Lefort has become a recurring reference point for mainstream authors hostile to populism. This article delves into the paradoxical character of Lefort’s own ‘populism’ to challenge these anti-populist approaches. It explores Lefort’s nuanced stance in which, despite his explicit rejection of populism, he nevertheless embraced social division and the empowerment of the people against the grandees. The analysis is divided into three parts. First, it presents Lefort’s objections to populism, echoed by scholars such as Marilena Chaui, Andrew Arato, Nadia Urbinati, Pierre Rosanvallon and Stefan Rummens, who often associate populism with Carl Schmitt’s political theology. The second part highlights latent ‘populist’ elements in Lefort’s work, as examined through his study of Machiavelli and his reflections on a wild democracy. The third part critically assesses the supposed rupture between Lefort and populist thinkers such as Ernesto Laclau and Chantal Mouffe, identifying moments of consistent theoretical alignment and even shared political engagement rather than stark disagreement. The conclusion challenges the prevailing narrative by positing a sophisticated theory of populism in Lefort’s work. It emphasises the inclusive and emancipatory aspects of appeals to the ‘people’ without overlooking potentially undemocratic expressions. Ultimately, the article argues for a nuanced understanding of populism from Lefort’s work, emphasising the need for a delicate balance in navigating between populism’s democratic and tyrannical manifestations.