This study analyzes and explains the variation of word and syllable final /s/ in Caracas. In particular, the analysis focuses on the phenomenon of deletion since aspiration is the norm in Caracas Spanish. The results show that phonetic deletion of /s/ in this variety of Spanish is almost non-existent in internal word position, in functional categories, in monosyllables, before non-accented vowels, and in upper and middle social class speakers ‐ contexts in which aspiration/retention is favored. On the other hand, the realization of /s/ is more likely to occur in final position, in lexical categories, in polysyllabic words, before pause, and in low social class speakers. Based on the results, a further exploration of the phenomena of change in progress and stigmatization (using style and age) as well as of the functional restrictions affecting the elision of /s/ is suggested.