This study describes how mathematics education professors and mathematics professors conceptualize relationships between inquiry and equity. After participating in a week-long summer institute, 24 mathematics education professors and mathematics professors were interviewed twice (initial interview and member check). Then, participants engaged in co-analysis and co-writing to construct a framework that provides structure to the complex set of stances about how equity and inquiry intertwine. This framework, which extends the work of Tang and colleagues (2017), illustrates ways that the process of inquiry could be more equity-minded (equity in inquiry) and shows that inquiry could be conducted to seek outcomes of greater equity (inquiry for equity). Findings also illustrate that equity opportunities, challenges, and tensions are always present in inquiry. In addition, this study illustrates the value of (and a process for) mathematics education professors and mathematics professors to work together to understand each other's perspectives during collaborations.