Racial-ethnic inequity is deeply entrenched in U.S. social systems, yet adolescents' voices and understanding around inequity are not often directly examined. The current qualitative study uses focus group data from African American (n = 21), Chinese- (n = 17), Indian- (n = 13), and Mexican- (n = 17) origin adolescents (M[subscript age] = 12.93 years; SD = 1.23; 51% boys) to provide insight on how youth navigate their attitudes and beliefs about these issues. Using a racial-ethnic socialization lens, we explore proximal (e.g., parents, peers, teachers) and distal (e.g., media, society) ways in which adolescents come to understand racial-ethnic inequity. Three themes characterized adolescents' discussions. School diversity, of peers and of thought, and messages around egalitarianism were two prominent influences on their perceptions. A third theme related to perceptions of social hierarchies, which appeared to be shaped by stereotypes, peer interactions, and ideas about inequity itself. Emergent themes suggest that the school context is a particularly salient social setting that encompasses multiple sources of socialization (e.g., teachers, classmates, academics, climate), and parents, peers, and the media also play prominent roles.