This article asserts that despite the salience of race in U.S. society, as a topic of scholarly inquiry, it remains untheorized. The article argues for a critical race theoretical perspective in education analogous to that of critical race theory in legal scholarship by developing three propositions: (1) race continues to be significant in the United States; (2) U.S. society is based on property rights rather than human rights; and (3) the intersection of race and property creates an analytical tool for understanding inequity. The article concludes with a look at the limitations of the current multicultural paradigm.