In this paper, I hope to shed light on the social and institutional transformation processes in Brazil in the 21st century, contrasting what can be understood as two populist waves. The first is the one led by Luiz Inácio Lula da Silva, as a left-wing leader whose government has been internationally recognized for implementing distributive economic policies (inclusion of the poorest majority) and inclusive social policies (inclusion of racial and sexual minorities). The second is the right-wing wave led by Jair Bolsonaro, internationally recognized, but rather for embracing a discourse contrary to the inclusive practices adopted by their predecessor. Thus, the question I want to answer is: How can the same concept fit into such different phenomena? My hypothesis is that we are facing two patterns of representative relations. An inclusive one that aims to expand the number of groups that can be properly represented within the political collectivity, increasing its pluralism, and an exclusive one that aims to restrict them, shortening the plurality of groups and identities that forms the people. In both, the theme of racial and sexual minorities becomes a priority. Through this discussion, I want to emphasize the substantive and existential quality of the differences between these two representative patterns that are sometimes neglected or reduced by those who use the concept of populism to attribute some kind of symmetry or ideological convergence between them.