The Shalipayco Zn–Pb deposit, in central Peru, is composed of several stratabound orebodies, the largest of which are the Resurgidora and Intermedios, contained in carbonate rocks of the Upper Triassic Chambará Formation, Pucará group. Petrography suggests that a single ore-forming episode formed sphalerite and galena within vugs, open spaces, and fractures. Three-dimensional (3D) geological modeling has allowed division of the Chambará Formation into four members (Chambará I, II, III, and IV) that better define lithological controls on sulfide formation. Diagenetic replacement of evaporite minerals with the organic matter (OM) presence likely generated secondary porosity and H₂S accumulation by bacterial sulfate reduction (BSR), providing ground preparation for the later Zn–Pb mineralizing event. The least-altered host rocks have C–O isotope compositions of 1.8 ± 0.1‰ (VPDB) and 29.9 ± 2.1‰ (VSMOW), respectively, within the Triassic marine carbonate ranges. Early dolomite contains lighter C–O composition (1.1 ± 0.9 and 23.8 ± 2.9‰, respectively) consistent with OM decomposition during burial diagenesis. Post-mineralization calcite has still lighter C–O composition (− 5.1 and 13.3‰, respectively), suggesting meteoric water that had migrated through organic-rich strata. The strontium isotopes of Mitu group basalts (0.709654–0.719669) indicate it as a possible, but not the unique source of strontium and probably of other metals. Highly negative sulfide sulfur isotope values (− 23.3 to − 6.2‰ (VCDT)) indicate a major component of the ore sulfur derived ultimately from BSR. However, multiple lines of evidence suggest that preexisting H₂S underwent thermochemical redox cycling prior to ore formation. The influx of hot metalliferous brines to dolomitized zones containing trapped H₂S is the preferred model for ore deposition at Shalipayco.