This article begins by surveying the commercial structure of nineteenth-century Yazd, centring on the economic activities of its Zoroastrian inhabitants. Next, we examine the house of Mehrabān, arguing that they were intermediate figures in Persia's transition from a pre-capitalist to an inchoate capitalist mode of production. Throughout the mid- to late nineteenth century, the Mehrabāns were significant socio-economic players and precursors for later generations of prosperous, worldly Iranian Zoroastrians. Ardeshir in particular epitomised the gradual emergence of an Iranian bourgeoisie in the urban centres of Persia, specifically Yazd. Concurrently, the rise of prominent members of the Mehrabān family was intimately related to their education, ‘cultural capital’, socio-economic connections, and business ventures in Bombay as well as their constantly developing political clout in Persia and India.