This article explores a paradox at the heart of New Left populism in Bolivia and Ecuador – namely, the election of populist leaders in movement societies. Employing Laclau's theory about the emergence of populism, it demonstrates how social movements, not charismatic leaders, first constructed the popular identities that laid the foundations for these regimes. In re-examining theories of populism in light of these cases, this article suggests that populism's transformative and counter-hegemonic potential needs to be given renewed attention, and that the central role of charismatic leadership should be qualified in terms of the origins of populist identity formation.