Drawing on the concept of perceived exploitation in employee-organization relationships, this study seeks to understand platform workers’ experiences in the context of app-based food delivery, where workers are mostly considered independent contractors and thus excluded from social protection. Through a qualitative study of food couriers in Finland using semi-structured interviews and field observations, we uncover the sources of perceived exploitation in this work context. We find that platform workers experience double stigma: as migrants and low status workers. These stigmas trigger the perception of vulnerability in the local labor market, which enhances the likelihood of perceived exploitation. Platform workers with heightened awareness of their migrant status on the one hand and low work status on the other hand create susceptibility to feelings of vulnerability due to limited choices of work and sources of income. Our findings contribute to research on stigma and exploitation by outlining two intertwined sources of stigma (individual and occupational) and their connection with perceived vulnerability and perceived exploitation. In doing so, we shed light on the dark side of platform work in an otherwise highly egalitarian country.