Rare-earth element (REE) resources in the Bear Lodge Alkaline Complex, Wyoming, are hosted in a variably leached carbonatite dike swarm spatially related to bodies of diatreme breccia. This study examines fluid inclusions in carbonatite dikes, peripheral fluorite breccias, and smoky quartz veins to reconstruct the physiochemical conditions of REE mineralization. Results reveal a multi-stage evolution of carbonatitic fluids: 1) high-temperature (330–432°C), CO₂-rich magmatic fluids, 2) REE-enriched alkali bicarbonate-sulfate brines, and 3) low-temperature meteoric (117–182°C) or diluted magmatic fluids. Multiphase inclusions (stage-2) contain burbankite, nahcolite, and alkali sulfate daughter crystals, linking the brines to early burbankite [(Na,Ca)₃(Sr,Ba,REE)₃(CO₃)₅] mineralization in carbonatite. REE mobility has been linked to the stability of aqueous complexes with ligands such as Cl-, SO₄^2-, and HCO₃^-. However, light REEs were not initially transported significant distances, rather they crystallized as burbankite from brines or brine-melts associated with the carbonatite magma. Crystallization of burbankite removed Na from the system, leaving residual fluids with high K/Na ratios and promoting potassic fenitization throughout the complex. Fractionation of light and heavy REEs and involvement of low temperature (<300°C), high K/Na bicarbonate brines may have facilitated transport and formation of peripheral occurrences that are more enriched in heavy REEs at Bear Lodge.