Does the epistemology of disagreement have significant consequences for theories of conceptual understanding? I argue that it does. I argue that the epistemology of disagreement manifests the existence of a special kind of concept, perspectival modes of metarepresentation, a kind of concept instances of which figure in the thinking about thoughts that occurs in deep disagreement. These perspectival modes of metarepresentation are de re modes of presentation of thoughts themselves – hence de re modes of metarepresentation – in which one (...) and the same thought is presented to higher‐order thinking about thoughts in different ways. These modes or ways are de re and perspectival because they are individuated by facts about whether the thought being thought about is the grasped or understood propositional object of one's own or another's thinking. I outline a broadly Fregean framework for theorizing conceptual understanding and draw out three significant consequences of the existence of perspectival modes of metarepresentation for theories of conceptual understanding: they (1) constitute a new philosophical motivation for a restricted fragment of what Terence Parsons calls a “libertine” hierarchy of Fregean sense; (2) provide, against David Chalmers, examples of a priori equivalences that are nevertheless cognitively significant; and (3) constitute a novel and pervasive example of Kripkean ‘Paderewski’‐type designators. (shrink)