Groundwater withdrawal can cause localized and rapid poroelastic subsidence, spatially broad elastic uplift of low amplitude, and changes in the gravity field. Constraining groundwater loss in Mexico City, we analyze data from the Gravity Recovery and Climate Experiment and its follow‐on mission (GRACE/FO) and Synthetic Aperture Radar (SAR) Sentinel‐1A/B images between 2014 and 2021. GRACE/FO observations yield a groundwater loss of 0.85–3.87 km3/yr for a region of ∼300 × 600 km surrounding Mexico City. Using the high‐resolution interferometric SAR data set, we measure >35 cm/yr subsidence within the city and up to 2 cm/yr of uplift in nearby areas. Attributing the long‐term subsidence to poroelastic aquifer compaction and the long‐term uplift to elastic unloading, we apply respective models informed by local geology, yielding groundwater loss of 0.86–12.57 km3/yr. Our results suggest Mexico City aquifers have been depleting at faster rates since 2015, exacerbating the socioeconomic and health impacts of long‐term groundwater overdrafts.