Conventional wisdom presumes that the portrayal of the foe in a state’s foreign policy discourse is quite indicative of the core characteristics of its foreign policy identity. Relying on discourse analysis of Armenian Presidents’ speeches, this study explores the evolution of foe’s conception in Armenia’s foreign policy discourse from 1991 to 2016. More specifically, it scrutinizes major ups and downs of Azerbaijan’s and Turkey’s conceptions, examining their identity-related and situational determinants and constraints. It markedly departs from political and economic explanations of Armenia’s troubled relations with Azerbaijan and Turkey, focusing chiefly on Armenian Presidents’ beliefs about country’s staunch foes. Remarkably, foes’ conceptions have experienced puzzling fluctuations in Presidents’ discourse from 1991-2016. The characteristics of Azerbaijan and Turkey have shifted from the notions ‘natural allies’ and ‘indispensable neighbours’ to ‘belligerent’, ‘bellicose’, ‘destructive, ‘Armeneophobic’, ‘Ottoman’ and ‘unreliable’ actors. Along with situational constraints, the principal causes of the shift lie in different belief systems of Armenian Presidents, and most, importantly, Azerbaijan’s and Turkey’s mounting animosity towards Armenia.