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The Sierra de las Navajas is a Late Pliocene volcanic complex with a rhyolitic composition and peralkaline affinity. It is located on the northeastern edge of the Trans-Mexican Volcanic Belt in the state of Hidalgo. Within this rocky massif lies Cerro de las Navajas, the site of the most intensively exploited archaeological obsidian deposit in Mesoamerica. Obsidian extraction in this area has been carried out through open-pit mining and unique underground mining. The geological identity of the deposit encompasses the origin, distribution, and petrological characteristics of the obsidian from Cerro de las Navajas, determined through detailed geological mapping, petrographic study, and geochemical analysis. The results reveal the obsidian deposit’s style as well as its temporal and spatial position within the eruptive evolution of the region. The deposit originated from a local explosive eruptive mechanism associated with the partial collapse of a lava dome, forming a Block and Ash Flow Deposit (BAFD). The obsidian blocks, exploited by different cultures, correspond to the pyroclastic blocks within this deposit, which can reach up to 1 m in diameter and are embedded in a weakly consolidated ash matrix. The BAFD was later buried by (a) subsequent volcanic events, (b) structural adjustments of the volcanic edifice, and (c) soils derived from the erosion of other volcanic units. This obsidian deposit was mined underground from the Early Formative period to the Colonial era by the cultures of the Central Highlands and colonized societies. Interest in the vitreous quality and exotic nature of obsidian lithics from the BAFD led to the development of a complex exploitation system, which was generationally refined by the Teotihuacan, Toltec, and Aztec states. Full article