Most people organize their sexual orientation under a single sexual identity label. However, people may have sexual experiences that are inconsistent with their categorical sexual identity label. A man might identify as heterosexual but still experience some attraction to men; a woman might identify as lesbian yet enter into a romantic relationship with a man. Identity-inconsistent experiences are likely to have consequences. In the present study, we examined lay perceptions of the consequences of identity-inconsistent sexual experiences for self-perceived sexuality and for social relationships among a sexually diverse sample (N = 283). We found that the perceived consequences of identity-inconsistent experiences for self-perception, for social stigmatization, and for social relationships varied as a function of participant sex, participant sexual identity (heterosexual, gay, lesbian), and experience type (fantasy, attraction, behavior, love). We conclude that not all identity-inconsistent sexual experiences are perceived as equally consequential and that the perceived consequences of such experiences vary predictably as a function of perceiver sex and sexual identity. We discuss the role lay perceptions of the consequences of identity-inconsistent sexual experiences may play in guiding attitudes and behavior.