According to various sources, Tenochtitlan was founded at the intersection of crags and caves from which two springs flowed. The east–west spring was known as “the fiery waters, the place where the waters burn” (tleatl atlatlayan), whereas the north–south spring was called “the blue and yellow waters” (matlalatl toxpalatl). The same metaphor of blue and yellow waters also appears in the early colonial sources in other contexts. It was associated with gods like Tlazolteotl or Tloque Nahuaque (identified with Tezcatlipoca), who cleansed people with these waters. Likewise, the blue and yellow waters rested in the hands of the tlatoani, who bathed his vassals in them. Finally, they played an essential role in the dedication of newborns to water, which the Spaniards likened to baptism. Although the presence of blue and yellow waters at the Mexica capital is often seen as a reinterpretation of the metaphor atl tlachinolli, “water, burnt land,” symbolizing war, other contexts featuring matlalatl toxpalatl are justice (in the ruler’s duties) and purification. This article proposes a unified interpretation of the Nahuatl metaphor matlalatl toxpalatl, suggesting that it symbolizes completeness, abundance, and the beginning of a new era, as well as carrying the Toltec heritage. Furthermore, this study embeds the metaphor in question in the Mesoamerican conceptual framework.