Santa Muerte is one of the fastest growing folk saint movements in Mexico. She has a core following in Mexico among dispossessed populations, but also devotees from a broader swath of the Mexican population. This article analyzes the development of Santa Muerte veneration in Mexico since 2000. I argue that, from a structural analysis perspective, Santa Muerte veneration is on the threshold of designation and treatment as dangerous religion, although its eventual status remains contingent. The movement’s status will be determined by three interacting factors: (1) a core membership of outsider and dispossessed populations; (2) symbolic and social organization in a form that challenges the legitimacy and authority of the institutions of church and state; and (3) institutional control measures that contest the legitimacy of its symbolic presentation and organizational practices. I suggest several alternative developmental scenarios based on these factors.