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Existing theories of inter-group prejudice (e.g. social identity theory and group threat theory) seem inadequate to explain the surprising prevalence of anti-Semitic rhetoric within left-wing British political discourse in the late 19th century. The “anti-jingoist” anti-Semitism of the radical liberal and socialistic left in Britain during this period was conspiratorial in nature. An analysis of newspaper data and other primary sources shows how Jewish capitalists were widely accused of responsibility for Britain’s jingoist foreign policy, and in particular for the country’s participation in imperialist wars in Sudan and South Africa. Drawing on existing work on the psychological origins of conspiracy theories, we suggest that left-wing anxiety and disorientation helped fuel the anti-jingoist anti-Semitic rhetoric. We thus suggest the psychology of the conspiracy theory as a possible new or under-recognized mechanism by which prejudice can be fueled.