1932 New Mexico Lobos football team

The 1932 New Mexico Lobos football team represented the University of New Mexico in the Border Conference during the 1932 college football season. In their second season under head coach Chuck Riley, the Lobos compiled a 1–6–1 record (1–3–1 against Border opponents), finished last in the conference, and were outscored by a total of 191 to 31. Orie McGuire was the team captain.