Imposter phenomenon (IP) is characterized by an internal perception of one's intellectual fraudulence despite having objective and consistent accomplishments in a career. IP is prevalently observed among high-achieving, successful, and accomplished individuals, including students heading toward high-achieving careers. The current study explored the mental health consequences of IP among high-achieving Indian students. It was conducted with undergraduate engineering students (N = 302) enrolled in one prime engineering institution in India. A mediational model that connects IP, social comparison, and mental health has been tested. Social comparison has been assessed through both ability-related social comparison (A-SCO) and opinion-related social comparison (O-SCO). The results revealed that mental health negatively correlates with ability-related social comparison and IP. However, the opinion-related social comparison does not significantly correlate with the student's mental health status. Moreover, ability-related social comparison significantly mediates the relationship between IP and mental health. The study shows no gender difference in the variables.