2015 was a very important year in Venezuelan politics. For the first time since Hugo Chavez arrived in power, and Chavismo became the country’s dominant political force, the opposition coalition Unity Democratic Movement (MUD) won the legislative elections by a considerable margin over the governing United Socialist Party (PSUV). What was the context for such a dramatic sea change in Venezuelan politics? Why did the opposition win the election? Is it possible to envision these two parties coexisting within a hybrid regime with distinctive (and persistent) authoritarian traits? This article summarizes relevant information to explore these important questions, and thus assess the country’s current political situation and immediate future.