This article proposes to explicate theoretical equivalence by supplementing formal equivalence criteria with preservation conditions concerning interpretation. I argue that both the internal structure of models and choices of morphisms are aspects of formalisms that are relevant when it comes to their interpretation. Hence, a formal criterion suitable for being supplemented with preservation conditions concerning interpretation should take these two aspects into account. The two currently most important criteria—gener-alized definitional equivalence (Morita equivalence) and categorical equivalence—are not optimal in this respect. (...) I put forward a criterion that takes both aspects into account: the criterion of definable categorical equivalence. (shrink)