Abstract. There exists a considerable body of work on epistemic logics for bounded reasoners where the bound can be time, memory, or the amount of information the reasoners can exchange. In much of this work the epistemic logic is used as a meta-logic to reason about beliefs of the bounded reasoners from an external perspective. In this paper, we present a formal model of a system of bounded reasoners which reason about each other's beliefs, and propose a sound and complete logic in which such reasoning can be expressed. Our formalisation highlights a problem of incorrect belief ascription in resource-bounded reasoning about beliefs, and we propose a possible solution to this problem, namely adding reasoning strategies to the logic.