The acting White accusation is a negative insult that many Black students encounter from peers, and research suggests that these experiences may be potentially detrimental to psychosocial outcomes. The current study examined the relationship between specific aspects of the acting White accusation (e.g., frequency of occurrence, induced discomfort), racial/ethnic identity (e.g., racial regard, exploration, commitment), and mental health (e.g., depressive symptoms, anxiety, emotional stress). Data from a sample of Black college students (n = 198) were evaluated using both variable-centered and person-centered analytical techniques. Results indicated that frequency of the accusation predicted lower racial/ethnic identity and more severe mental health symptoms, whereas the level of discomfort predicted higher racial/ethnic identification. Latent class analysis revealed that perceived experiences with the acting White accusation were represented by four distinct profiles, three of which differed significantly in dimensions of racial/ethnic identity. Findings suggest that the accusation of acing White is perceived differently by individual Black students and carries a distinctive risk for psychosocial outcomes.