In 1890 William James distinguished two understandings of the self, the self as “Me” and the self as “I”. This distinction has recently regained popularity in cognitive science, especially in the context of experimental studies on the underpinnings of the phenomenal self. The goal of this paper is to take a step back from cognitive science and attempt to precisely distinguish between “Me” and “I” in the context of consciousness. This distinction was originally based on the idea that the former (...) (“Me”) corresponds to the self as an object of experience (self as object), while the latter (“I”) reflects the self as a subject of experience (self as subject). I will argue that in most of the cases (arguably all) this distinction maps onto the distinction between the phenomenal self (reflecting self-related content of consciousness) and the metaphysical self (representing the problem of subjectivity of all conscious experience), and as such these two issues should be investigated separately using fundamentally different methodologies. Moreover, by referring to Metzinger’s theory of phenomenal self-models, I will argue that what is usually investigated as the phenomenal-“I” (following understanding of self-as-subject introduced by Wittgenstein) can be interpreted as object, rather than subject of experience, and as such can be understood as an element of the hierarchical structure of the phenomenal self-model. This understanding relates to recent predictive coding and free energy theories of the self and bodily self from cognitive neuroscience and philosophy. (shrink)