This study evaluates the assumption that deprivation among African Americans and racial inequality lead to black interracial homicide due to racial conflict and antagonism. Using refined race‐adjusted Supplemental Homicide Report data, Uniform Crime Report data and census data, we test an alternative hypothesis that draws on the macrostructural opportunity theory to assess and more accurately specify the relationship between structural characteristics and black interracial homicide. We find that first, the relationship between economic factors and black interracial homicide can be explained in large part by high rates of financially motivated crime such as robbery, and second, that economic factors are associated with financially motivated but not expressive black interracial killings. Analyses of black intraracial killings are performed for comparison purposes. Collectively, the findings suggest that conflict‐based explanations rooted in racial antagonism and frustration aggression may be premature.