The encounter between Socrates and Thrasymachus in Republic I is notoriously baffling. Most of what is said seems straightforward, and the issues at stake are ones of common concern, but the argument remains elusive. The purpose of this paper is to investigate the nature and grounds of this elusiveness, and to show that some of it can be dispelled by a sufficiently free-ranging exegesis that bears in mind the general character of Plato’s writing.