Exploration boreholes and seismic reflection data in the foothills zone of the northeastern Caucasus obtained during the last decade reveal considerable differences between the surface and subsurface structures of the area. The new data suggest that this zone may be viewed as a buried thrust belt. The allochthonous assemblage of the belt is formed mainly by stacked north-verging thrust sheets made up mostly of Mesozoic carbonates and sandstones bounded at the top and bottom by conjugate detachment surfaces. The thrust sheets are interpreted to be inserted into the clastic section of the Terek-Caspian foredeep along the base of Oligocene - Early Miocene mudstones. The blind subsurface thrusts have been active since the Late Miocene. Strata above and below the allochthonous unit are characterized by independent styles of deformation. The mildly deformed foredeep clastics create a hinterland-facing monocline that is passively uplifted by underthrusting. These rocks mask the subsurface structures. Tectonic wedging in the Dagestan thrust belt was facilitated by the mechanical weakness of the overpressured mudstones of the Maykop Formation (Oligocene - Lower Miocene) which prevented transmission of the compressional stress across it. The interpreted geometry of the thrust belt front implies a shortening ranging from 20 to 50 km. This interpretation of the regional structure suggests a petroleum exploration play consisting of structural traps within the buried antiformal stacks. Regionally, oil- and gas-bearing Upper Cretaceous and Upper Jurassic carbonate rocks involved in thrust sheets and sealed by Maykop mudstones are considered primary prospecting targets.