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Although the relationship between organizations and structural racism is well established, less is known about how racialization occurs within organizations. Overlooking how racial ideology is imbued in organizational logic obscures the role organizations play in reproducing structural racism. The prevalence of color-blind racial ideology further complicates the study of racialization, as most societies deny the existence of racism targeting people of color. In this article the author asks, How does color-blind racial ideology guide management decisions and the rationalization of racially unequal organizational practices? Using an extended case study method, the author examines sugar-ethanol mills in Brazil, where nonwhite workers are disproportionately exposed to hazardous risks. The author argues that the racialization of organizational practices occurs through a twofold process in which white elites use nonracial discourse to rationalize unequal outcomes and to reproduce the social conditions that steer nonwhite peoples into hazardous worksites. This article makes two contributions to the literature. First, through the discursive frames of cultural racism, naturalization, victimization, and politicized markets, the author shows how the allocation of resources and opportunities at the organizational level shapes and is shaped by racialized social systems. Second, by studying unequal relations in Brazil, the author elucidates the long-standing presence of color blindness in Iberian America while also tracing similarities and differences with color-blind racism in the United States.