This paper offers a critical assessment of the BRICS grouping by examining its trajectory, main actors, and contemporary challenges within the evolving international order. While BRICS initially emerged in the 2000s as a reformist coalition seeking greater representation within existing global governance institutions, particularly after the 2008 global financial crisis, the grouping has gradually assumed a more pronounced geopolitical role. Drawing on a methodological framework structured around three analytical dimensions – geopolitical competition among states, intra-BRICS dynamics, and the social and territorial impacts of BRICS-related investments – the paper seeks to move beyond traditional dichotomies such as North–South and West–East.