Despite decades of research on the nature and characteristics of populism, and on how political actors interpret populist attitudes, the study of how the public identify populist politicians remains a largely unexplored topic. Is populism in the eye of the beholder? What causes voters to perceive a political actor as populist? Is there any systematic heterogeneity in the evaluation of candidates among citizens according to their individual characteristics? We fill this gap by analysing what characteristics of politicians, and the political statements they make, drive citizens to classify them as populist. Furthermore, we investigate how the cognitive, ideological and attitudinal profiles of citizens shape their perceptions. To this end, we report results of a conjoint experiment embedded in a survey administered to a nationally representative sample of Italian citizens. Respondents were asked to evaluate different political statements by politicians, of whom we manipulated a variety of relevant attributes (e.g., their ideological profile, gender, previous occupation). Results indicate two clear trends: (i) More than the profile of politicians, what matters for their identification as populist is their rhetoric. (ii) The cognitive (with the partial exception of education) and ideological profiles of respondents are largely inconsequential. At the same time, populist voters are substantively less likely to identify populism as such.