<p>This study examines the dynamic interplay between populism and conspiracism—two distinct yet increasingly interconnected political forces. Their convergence gives rise to complex narratives that influence contemporary political and social landscapes. Although prior research has offered important contributions, it often underrepresents the subtle and varied ways in which these dynamics intersect. To address this, we introduce a multidimensional perspective on conspiracism, differentiating between generalised conspiracy beliefs and more structured conspiracy theories. While conspiracy theories may be strategically employed by populist actors to construct antagonistic narratives and dichotomies, conspiracy beliefs often reflect widespread but less politically mobilised attitudes. Despite their different functions, the overlap between the two provides a fertile ground for further investigation. Using structural equation modeling and original survey data collected in Italy after 2024 European elections, the analysis explores how individuals interpret and engage with discourses rooted in both populism and conspiracism. The research investigates how these interactions correlate with levels of institutional trust, aiming to clarify their joint influence on political attitudes. Ultimately, this paper offers a broader perspective on how these narratives interact with trust in the Italian context, while setting the stage for future comparative research in other democratic settings.</p>