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In this study, I define ethno-racial status as the combination of ethnic and racial characteristics simultaneously embodied by mestizos. These characteristics refer to conceptually and empirically distinct dimensions of ethno-racial status: phenotype, ancestry, and self-identification. I alternatively explain self-identification, net of phenotype and ancestry, as exposure to ethno-racial ideologies. I also argue that these dimensions should be considered together when analyzing ethno-racial inequality. Using nationally representative data of Peru, the mestizaje research setting, I examine whether there are significant ethno-racial differences in educational attainment and household possessions by phenotype, ancestry, and self-identification. I find that indigenous ancestry and darker skin colors are inversely associated with both socioeconomic outcomes. Moreover, white self-identification compared to mestizo is negatively associated with educational attainment, but positively associated with household possessions. This approach unveils ethno-racial ideologies as relevant beliefs that are instrumental in gaining socioeconomic advantages.