This paper reflects on potential contributions from anthropology to the field of “psychedelic science.” Although the discipline’s beginnings went hand in hand with colonialism, it has made significant contributions to the understanding of Indigenous knowledge systems. Furthermore, recent calls to decolonize our theoretical frameworks and methodology, notably the “ontological turn,” open up the space for engaging meaningfully with Indigenous worldviews. At this critical juncture of the “psychedelic renaissance,” it is important to reflect on whether the current model is satisfactory and on ways to decolonize psychedelic science. What we need is a shift in paradigm, one that will acknowledge the validity of Indigenous worldviews as equal partners to scientific inquiry. Acknowledging the contributions of Indigenous knowledges to psychedelic science is necessary and needs to go hand in hand with attempts to revise biomedical models to be more inclusive in substantial ways. The paper does not argue for the abandonment of the scientific paradigm, rather for the abandonment of its privileged position. Decolonizing psychedelic science will require allowing multiple perspectives to coexist and contribute equally to our efforts going forward.