The BRICS phenomenon is a complex subject that demands a multifaceted theoretical analysis. This chapter traces the scholarly discourse on BRICS from its early economic assessments to the application of diverse International Relations and International Political Economy paradigms. By examining neorealist, neoliberal, globalist, and post-positivist frameworks, it explores the alliance’s origins, internal contradictions, and potential trajectories. The analysis critically evaluates theories like Power Transition Theory and Hegemonic Stability Theory while also highlighting the emerging importance of post-positivist perspectives, which reveal the emotional, cultural, and status-driven motivations behind BRICS’ actions. Ultimately, BRICS is best understood not merely as a strategic bloc, but as a dynamic entity challenging the Western-dominated international order, with theoretical reflection being crucial to grasping its long-term significance.