The pervasiveness of social media advertising raises concerns about its potential to deceive consumers and exploit their susceptibility to misinformation. This study delves into the factors influencing deceived buying and leading to the propensity of believing and acting on disinformation in the context of advertised products on social media platforms. Employing Partial Least Squares—Structural Equation Modeling, the research analyzes data collected from 334 consumers. The findings reveal that perceived benefits, perceived risks of social media advertised products, and openness to change play an important role in deceived buying, while informativeness has no significant influence. Deceived buying, in turn, exhibits a strong positive association with the propensity of believing and acting on disinformation. The results hold significant implications for various stakeholders such as businesses, organizations, social media users, and policymakers. To combat deceptive social media ads, this study proposes a two-pronged approach: empowering platforms with algorithms specialized in deceived or false ad detection and creating educational programs for users to become more discerning consumers.