This paper argues that we need to re-think the semantics/pragmatics distinction in the light of new evidence from embedding of irony. This raises a new version of the old problem of ‘embedded implicatures’. I argue that embedded irony isn’t fully explained by solutions proposed for other embedded implicatures. I first consider two strategies: weak pragmatics and strong pragmatics. These explain embedded irony as truth-conditional content. However, by trying to shoehorn irony into said-content, they raise problems of their own. I conclude (...) by considering how a modified Gricean model can explain that irony embeds qua implicature. This leads us to prefer a local implicature model. This has important consequences for how we draw the semantics/pragmatics distinction. (shrink)