This article reexamines the satire of Charlie Hebdo through the lens of comedy theory and cultural studies. Drawing upon Mikhail Bakhtin’s notion of “the carnivalesque” and Linda Hutcheon’s concept of “irony’s edge,” it considers the wide variety of potential meanings that are encoded within Hebdo’s highly controversial comedy and religious representations. Introducing the notion of the “ambigramic carnival,” I argue that competing notions of hegemony in French culture encourage radically different understandings of the ethical and political implications of Hebdo’s content. Ultimately, I contend that while Hebdo’s approach to satire is in no way responsible for the terroristic violence visited upon the magazine, the publication nonetheless crafted a style intended to evoke a range of responses, including profound anger. As an empirical companion to this theoretical approach, the article then turns to coverage of the Hebdo massacre in the Jewish press, arguing that in the United States the Forward used the Hebdo story to represent Jewish empowerment and disempowerment simultaneously.