This article deals with some of the critical issues and problems facing archaeological theory and practice in a postpositivist world. It tries to explore a third way between objectivist and subjectivist methodological alternatives. In particular reviewing the concept and practice of interpretation as being the only way of obtaining understanding from the archeaological record. Avoiding neo-empirical reactions as much as individualistic or hypersubjectivist standpoints, this article highlights the possibility (and problems) of interpretation as a positive practice, exploring a methodology that could allow archaeology to construct an intersubjective understanding of material meaning.