It is nearly half a century since Ernesto Che Guevara’s execution took place in Bolivia. Che was murdered by the Bolivian Army on October 9, 1967. The same year, his famous image, ‘Guerrillero Heroico’, perhaps, one of the most popular images of the world came in to public domain for the first time. Through these decades, researchers, scholars, filmmakers, artists, newspapers, magazines and merchandisers have reproduced the picture in a million ways according to their interests and utilities. The following paper will plunge into the history of the popular image of Ernesto ‘Che’ Guevara, and its transcendence. The paper will discuss the image in its various forms and manifestations from a revolutionary icon to a pop icon; try to comprehend the complexities associated with the image in the light of contemporary political milieu; and insist on its status as a symbol of rebellion despite its commercial endorsements.t is nearly half a century since Ernesto Che Guevara’s execution took place in Bolivia. Che was murdered by the Bolivian Army on October 9, 1967. The same year, his famous image, ‘Guerrillero Heroico’, perhaps, one of the most popular images of the world came in to public domain for the first time. Through these decades, researchers, scholars, filmmakers, artists, newspapers, magazines and merchandisers have reproduced the picture in a million ways according to their interests and utilities. The following paper will plunge into the history of the popular image of Ernesto ‘Che’ Guevara, and its transcendence. The paper will discuss the image in its various forms and manifestations from a revolutionary icon to a pop icon; try to comprehend the complexities associated with the image in the light of contemporary political milieu; and insist on its status as a symbol of rebellion despite its commercial endorsements.Keywords: Guerrillero Heroico, Ernesto ‘Che’ Guevara, contemporary political milieu, symbol of rebellion, commercial endorsements etc.