At the Baca geothermal field in the Valles caldera, New Mexico, 19 deep wells were drilled in an attempt to develop a 50-MW_e (megawatts electric) power plant. The chemical and isotopic compositions of steam and water samples have been used to indicate uniquely the origin of reservoir fluids and natural reservoir processes. Two distinct reservoir fluids exist at Baca. These fluids originate from the same deep, high-temperature (335°C), saline (2500 mg/kg Cl) parent water but have had different histories during upflow. One fluid (from wells 4 and 13) is isotopically light, high in radiogenic noble gases, CO₂ and HCO₃, and low in Ca. It has a temperature of 290°–295°C and a reservoir chloride near 1900 mg/kg. This fluid resulted from rapid upward flow through 1.1- to 1.4-m.y.-old Bandelier Tuff reservoir rocks after long residence in pre-Bandelier (>7 m.y.) sediments and Precambrian basement rocks and 25% dilution with high-altitude cold groundwater from Redondo Peak. The other water (from wells 15, 19, and 24) moved slowly through the Bandelier Tuff and cooled conductively (with minor steam loss for well 19) from 335°C to 280°–260°C. Apparently, short residence in old basement rocks has left this water with low radiogenic gases. Conductive cooling without mixing has kept the original chloride and relatively heavy isotope composition of the deep water. The recharge to the deep parent water is not well understood but may be from lower elevation precipitation outside the Valles caldera area. Gases are in equilibrium in all-liquid reservoir fluids at near reservoir temperatures, and the concentrations of atmospheric gases are similar to those of air-saturated water, indicating little boiling and steam loss. All water, solutes, and gases in the reservoir fluids originate from air-saturated meteoric recharge water, watermineral reactions, and rock leaching, with the possible exception of excess 3He that must have an ultimate mantle source. This gas could originate directly from magma or from leaching of intrusive volcanic rocks beneath the Bandelier.