When are logical theories equivalent? I discuss the notion of ground-equivalence between logical theories, which can be useful for various theoretical reasons, e.g., we expect ground-equivalent theories to have the same ontological bearing. I consider whether intertranslatability is an adequate criterion for ground-equivalence. Jason Turner recently offered an argument that first-order logic and predicate functor logic are ground-equivalent in virtue of their intertranslatability. I examine his argument and show that this can be generalized to other intertranslatable logical theories, which supports the following: intertranslatability implies ground-equivalence. I also argue, however, that this ground-equivalence argument can be challenged as it faces a dilemma. The dilemma arises because the argument allows two distinct readings, the ‘internal’ and the ‘external’ reading. I argue that the argument turns out to be unsuccessful in both readings. The upshot of this dilemma in both philosophy of logic and metaphysics is considered.