The rapid rise and fall of Brazilian foreign policy initiatives and capacities across the Lula (2003–2010), Dilma (2011–2016), and Temer (2016–2018) governments cannot be attributed solely to any of these presidential administrations but was also affected by domestic variables, international events, and economic factors. Furthermore, identity, corporations, the media, corruption scandals, and other variables influenced each president’s ability to conduct foreign policy. Process tracing of these three governments reveals the way policies and programs such as the BRICS and IBSA can be understood in this context. In short, analyses of Brazilian foreign policy must be balanced between agent and structure.