Chapter 3 focuses on lexical semantics–pragmatics. Drawing on the views adopted in Construction Grammar and Relevance Theory, it provides an in-depth analysis aimed at exploring the nature of conceptual content and its use in context. It is argued that lexical concepts are best characterized by means of rich networks of encyclopedic knowledge, an approach that enables Relevance Theory to resolve a number of conflicting assumptions (including the presumed paradox discussed in Leclercq, 2022). At the same time, the case is made that this knowledge constitutes an intrinsically context-sensitive semantic potential that serves as the foundation of an inferential process guided by strong pragmatic principles. This process is addressed in terms of lexically regulated saturation, which forms the cornerstone of the integrated model outlined in this book.