In “Models and Reality”, H. Putnam formulated his model-theoretic argument against “metaphysical realism”. The article proposes a meta-reconstruction of Putnam’s model-theoretic argument in the light of two mutually compatible interpretations of it–elaborated by Manuel Garcia-Carpintero and Igor van Douven. A critical reflection on these interpretations and their adequacy for Putnam’s argument allows us to expose new theses coherent with Putnam’s reasoning and indicate new paths to improve this argument for our reconstruction task. In particular, we show that Putnam’s position may (...) be coherent with van Douven’s versions of Global Descriptivism under some conditions, but Putnam cannot reject realism as quickly as Carpintero suggests. We show that Suszko’s canonic axiomatic system and Sneed’s concept of theory may provide valuable support for Putnam’s argument. Finally, we critically evaluate Carpintero’s theses about the genesis of unintended interpretations of our languages, adopting the machinery of the Upward Skolem–Loewenheim Theorem and Knight’s Theorem. (shrink)