The La Crucecita earthquake ruptured on the megathrust, generating strong shaking and a modest but long‐lived tsunami. This is a significant earthquake that illuminates important aspects of the behavior of the megathrust as well as the potential related hazards. The rupture is contained within 15–30 km depth, ground motions are elevated, and the energy to moment ratio is high. We argue that it represents a deep megathrust earthquake, the 30 km depth is the down‐dip edge of slip. The inversion is well constrained, ruling out any shallow slip. It is the narrow seismogenic width and the configuration of the coastline that allow for deformation to occur offshore. The minor tsunamigenesis can be accounted for by the deep slip patch. There is a significant uplift at the coast above it, which leads to negative maximum tsunami amplitudes. Finally, tide‐gauge recordings show that edge‐wave modes were excited and produce larger amplitudes and durations in the Gulf of Tehuantepec.