The group of Caspian ponies studied contained some animals with 65 chromosomes and others with 64 chromosomes. The morphology and G-banding pattern of the chromosomes resembled those of Equus caballus and E. przewalskii. The karyogram of animals with 65 chromosomes was identical to that of the cross between E. caballus and E. przewalskii. It is suggested that the Caspian pony is the product of natural hybridization between E. caballus and E. prezwalskii. Low reproductive effeciency of the Caspian pony is suggested as the cause of decline in the population of these animals.