Kaguyak Caldera lies in a remote corner of Katmai National Park, 375 km SW of Anchorage, Alaska. The 2.5-by-3-km caldera collapsed ~ 5.8 ± 0.2 ka (¹⁴C age) during emplacement of a radial apron of poorly pumiceous crystal-rich dacitic pyroclastic flows (61–67% SiO₂). Proximal pumice-fall deposits are thin and sparsely preserved, but an oxidized coignimbrite ash is found as far as the Valley of Ten Thousand Smokes, 80 km southwest. Postcaldera events include filling the 150-m-deep caldera lake, emplacement of two intracaldera domes (61.5–64.5% SiO₂), and phreatic ejection of lakefloor sediments onto the caldera rim. CO₂ and H₂S bubble up through the lake, weakly but widely. Geochemical analyses (n = 148), including pre-and post-caldera lavas (53–74% SiO₂), define one of the lowest-K arc suites in Alaska. The precaldera edifice was not a stratocone but was, instead, nine contiguous but discrete clusters of lava domes, themselves stacks of rhyolite to basalt exogenous lobes and flows. Four extracaldera clusters are mid-to-late Pleistocene, but the other five are younger than 60 ka, were truncated by the collapse, and now make up the steep inner walls. The climactic ignimbrite was preceded by ~ 200 years by radial emplacement of a 100-m-thick sheet of block-rich glassy lava breccia (62–65.5% SiO₂). Filling the notches between the truncated dome clusters, the breccia now makes up three segments of the steep caldera wall, which beheads gullies incised into the breccia deposit prior to caldera formation. They were probably shed by a large lava dome extruding where the lake is today.