In the quarter-century since it began its work, the South African TRC has been endlessly debated. At the same time, a field of study emerged centred on settler colonialism, and settler colonial analyses have become established in transitional justice. South Africa’s TRC, however, has escaped examination through the lens of settler colonialism. Typically, settler colonialism in South Africa is treated as an historical phase; however, recent scholarship emphasises South Africa’s colonial present. Following these insights, this article: (1) establishes the relevance of a settler colonial lens for interpreting the South African TRC by demonstrating the settler colonialism of apartheid; (2) provides an empirical examination of the TRC’s Report. The Report acknowledges settler colonialism while advancing a series of denials, producing ‘ambivalent denial’; (3) explores the implications of ambivalent denial. Specifically, ambivalent denial contributes to democratisation without decolonisation by enabling settler denial and failing to address settler colonial structures.