Recent work by emerging “vulnerability theorists” has imbued the concept of vulnerability with new meaning that promises novel theoretical and social insights; however, these insights remain threatened by the innate ambiguity of the notion of vulnerability. The negative connotation of this term, namely the propensity to experience wounding, pain and marginalization, coexists with its positive connotation of an openness to love, care and the creation of solidarity. In this paper, we argue that this ambiguity calls for a clarification in order (...) for the newly established positivity to be properly channeled to imagining new forms of inter-human relations. Specifically, we adopt the phenomenological lens of “exposedness,” drawn from Emmanuel Levinas, placing the notion of vulnerability at the horizon of the relatedness and dynamics among the triad of the “I,” the other, and the third. My vulnerability to the other as an exposedness to excessive responsibility is the pre-original signifyingness of inter-human relations, that is, as “for the other” before “for oneself.” The vulnerability of the other in the form of the relation of Eros will be differentiated from the vulnerability of the other as immediacy. The vulnerability of the third will be discussed from a socio-political perspective, where we will engage with Martha Fineman’s idea of universal vulnerability as a tool for social-political criticism, and further show how a Levinasian perspective on the third can address potential problems with Fineman’s proposals. (shrink)