Light−matter interaction in certain aliovalently doped metal oxide nanocrystals (NCs) results in the generation of localized surface plasmon resonance (LSPR) in the near-to mid-infrared, allowing for their implementation in various technologies, including photovoltaics, sensing, and electrochromics. These materials could also facilitate coupling between plasmonic and semiconducting properties, making them highly interesting for electronic and quantum information technologies. In the absence of dopants, free charge carriers can arise from native defects such as oxygen vacancies. Here we show using magnetic circular dichroism spectroscopy that the exciton splitting in In 2 O 3 NCs is induced by both localized and delocalized electrons and that contributions from the two mechanisms are strongly dependent on the NC size, owing to Fermi level pinning and the formation of a surface depletion layer. In large NCs, the angular momentum transfer from delocalized cyclotron electrons to the excitonic states is the dominant mechanism of exciton polarization. This process diminishes with decreasing NC size, owing to the rapidly reduced volume of the plasmonic core. On the other hand, exciton polarization in small NCs is dominated by localized electron-spin-induced splitting of the excitonic states. This mechanism is independent of NC size, suggesting that wave functions of localized spin states on NC surfaces do not overlap with the excitonic states. The results of this work demonstrate that the effects of individual and collective electronic properties on excitonic states can be simultaneously controlled by NC size, making metal oxide NCs a promising class of materials for quantum, spintronic, and photonic technologies.