This paper deals with the anti-Semitic pamphlet The Protocols of the Elders of Zion, which is placed in the historical context of its origin, considering political and social causes behind the formulation of many previous conspiracy theories and anti-Jewish narratives and their motifs, which are eventually reflected in The Protocols. This complex conspiracy narrative is then subjected to structural analysis, which seeks to identify dominant themes structured into binary oppositions, through which it aims to capture a potential "meaning" or significance of the narrative that was relevant to readers of its time but also addresses contemporary conspiracy theorists. Finally, the work attempts to outline one of the root causes that makes Jews ideal adepts for a major role as conspirators in conspiracy narratives, that lies in their extraordinary, liminal state, defined by their relationship to the majority, in this case, Christian society.