diff --git a/vm/src/exceptions.rs b/vm/src/exceptions.rs
index bf95ffef6..f671643a4 100644
--- a/vm/src/exceptions.rs
+++ b/vm/src/exceptions.rs
@@ -16,7 +16,7 @@ fn exception_init(vm: &VirtualMachine, args: PyFuncArgs) -> PyResult {
     vm.set_attr(&exc_self, "args", exc_args)?;
 
     // TODO: have an actual `traceback` object for __traceback__
-    vm.set_attr(&exc_self, "__traceback__", vm.ctx.new_list(vec![]))?;
+    vm.set_attr(&exc_self, "__traceback__", vm.get_none())?;
     vm.set_attr(&exc_self, "__cause__", vm.get_none())?;
     vm.set_attr(&exc_self, "__context__", vm.get_none())?;
     vm.set_attr(&exc_self, "__suppress_context__", vm.new_bool(false))?;
diff --git a/vm/src/frame.rs b/vm/src/frame.rs
index 3ccef016f..4ad898769 100644
--- a/vm/src/frame.rs
+++ b/vm/src/frame.rs
@@ -14,6 +14,7 @@ use crate::obj::objlist;
 use crate::obj::objslice::PySlice;
 use crate::obj::objstr;
 use crate::obj::objstr::PyString;
+use crate::obj::objtraceback::PyTraceback;
 use crate::obj::objtuple::PyTuple;
 use crate::obj::objtype;
 use crate::obj::objtype::PyClassRef;
@@ -80,6 +81,7 @@ enum UnwindReason {
 }
 
 #[pyclass]
+#[derive(Clone)]
 pub struct Frame {
     pub code: PyCodeRef,
     // We need 1 stack per frame
@@ -167,12 +169,6 @@ impl Frame {
     // #[cfg_attr(feature = "flame-it", flame("Frame"))]
     pub fn run(&self, vm: &VirtualMachine) -> PyResult<ExecutionResult> {
         flame_guard!(format!("Frame::run({})", self.code.obj_name));
-
-        let filename = &self.code.source_path.to_string();
-
-        // This is the name of the object being run:
-        let run_obj_name = &self.code.obj_name.to_string();
-
         // Execute until return or exception:
         loop {
             let lineno = self.get_lineno();
@@ -191,16 +187,21 @@ impl Frame {
                         &exception,
                         &vm.ctx.exceptions.base_exception_type
                     ));
+
                     let traceback = vm
                         .get_attribute(exception.clone(), "__traceback__")
                         .unwrap();
-                    vm_trace!("Adding to traceback: {:?} {:?}", traceback, lineno);
-                    let raise_location = vm.ctx.new_tuple(vec![
-                        vm.ctx.new_str(filename.clone()),
-                        vm.ctx.new_int(lineno.row()),
-                        vm.ctx.new_str(run_obj_name.clone()),
-                    ]);
-                    objlist::PyListRef::try_from_object(vm, traceback)?.append(raise_location, vm);
+                    let new_traceback = PyTraceback::new(
+                        traceback,
+                        self.clone().into_ref(vm),
+                        self.lasti.get(),
+                        lineno.row(),
+                        vm,
+                    );
+                    vm.set_attr(&exception, "__traceback__", new_traceback.into_ref(vm))
+                        .unwrap();
+                    vm_trace!("Adding to traceback: {:?} {:?}", new_traceback, lineno);
+
                     match self.unwind_blocks(vm, UnwindReason::Raising { exception }) {
                         Ok(None) => {}
                         Ok(Some(result)) => {
diff --git a/vm/src/lib.rs b/vm/src/lib.rs
index 24c47522a..0c3c6a7db 100644
--- a/vm/src/lib.rs
+++ b/vm/src/lib.rs
@@ -66,7 +66,6 @@ pub mod pyobject;
 pub mod scope;
 pub mod stdlib;
 mod sysmodule;
-mod traceback;
 pub mod types;
 pub mod util;
 mod version;
diff --git a/vm/src/obj/mod.rs b/vm/src/obj/mod.rs
index ad7af74d5..d527d69d4 100644
--- a/vm/src/obj/mod.rs
+++ b/vm/src/obj/mod.rs
@@ -34,6 +34,7 @@ pub mod objslice;
 pub mod objstaticmethod;
 pub mod objstr;
 pub mod objsuper;
+pub mod objtraceback;
 pub mod objtuple;
 pub mod objtype;
 pub mod objweakproxy;
diff --git a/vm/src/obj/objtraceback.rs b/vm/src/obj/objtraceback.rs
new file mode 100644
index 000000000..5547db691
--- /dev/null
+++ b/vm/src/obj/objtraceback.rs
@@ -0,0 +1,71 @@
+use crate::frame::FrameRef;
+use crate::obj::objtype::PyClassRef;
+use crate::pyobject::{PyClassImpl, PyContext, PyObjectRef, PyRef, PyValue};
+use crate::vm::VirtualMachine;
+
+#[pyclass]
+#[derive(Debug)]
+pub struct PyTraceback {
+    next: Option<PyTracebackRef>,
+    frame: FrameRef,
+    lasti: usize,
+    lineno: usize,
+}
+
+type PyTracebackRef = PyRef<PyTraceback>;
+
+impl PyValue for PyTraceback {
+    fn class(vm: &VirtualMachine) -> PyClassRef {
+        vm.ctx.traceback_type()
+    }
+}
+
+#[pyimpl]
+impl PyTraceback {
+    pub fn new(
+        next: PyObjectRef,
+        frame: FrameRef,
+        lasti: usize,
+        lineno: usize,
+        vm: &VirtualMachine,
+    ) -> Self {
+        let next = if vm.is_none(&next) {
+            None
+        } else {
+            let traceback: PyTracebackRef =
+                next.downcast().expect("next must be a traceback object");
+            Some(traceback)
+        };
+
+        PyTraceback {
+            next,
+            frame,
+            lasti,
+            lineno,
+        }
+    }
+
+    #[pyproperty(name = "tb_frame")]
+    fn frame(&self, _vm: &VirtualMachine) -> FrameRef {
+        self.frame.clone()
+    }
+
+    #[pyproperty(name = "tb_lasti")]
+    fn lasti(&self, _vm: &VirtualMachine) -> usize {
+        self.lasti
+    }
+
+    #[pyproperty(name = "tb_lineno")]
+    fn lineno(&self, _vm: &VirtualMachine) -> usize {
+        self.lineno
+    }
+
+    #[pyproperty(name = "tb_next")]
+    fn next_get(&self, _vm: &VirtualMachine) -> Option<PyTracebackRef> {
+        self.next.as_ref().map(|x| x.clone())
+    }
+}
+
+pub fn init(context: &PyContext) {
+    PyTraceback::extend_class(context, &context.types.traceback_type);
+}
diff --git a/vm/src/pyobject.rs b/vm/src/pyobject.rs
index 6469b545a..eb9409433 100644
--- a/vm/src/pyobject.rs
+++ b/vm/src/pyobject.rs
@@ -349,6 +349,10 @@ impl PyContext {
         self.types.weakproxy_type.clone()
     }
 
+    pub fn traceback_type(&self) -> PyClassRef {
+        self.types.traceback_type.clone()
+    }
+
     pub fn type_type(&self) -> PyClassRef {
         self.types.type_type.clone()
     }
diff --git a/vm/src/traceback.rs b/vm/src/traceback.rs
deleted file mode 100644
index 9cb95948d..000000000
--- a/vm/src/traceback.rs
+++ /dev/null
@@ -1,2 +0,0 @@
-// python tracebacks
-//
diff --git a/vm/src/types.rs b/vm/src/types.rs
index b05ff7ccf..52612af46 100644
--- a/vm/src/types.rs
+++ b/vm/src/types.rs
@@ -29,6 +29,7 @@ use crate::obj::objslice;
 use crate::obj::objstaticmethod;
 use crate::obj::objstr;
 use crate::obj::objsuper;
+use crate::obj::objtraceback;
 use crate::obj::objtuple;
 use crate::obj::objtype::{self, PyClass, PyClassRef};
 use crate::obj::objweakproxy;
@@ -93,6 +94,7 @@ pub struct TypeZoo {
     pub weakref_type: PyClassRef,
     pub weakproxy_type: PyClassRef,
     pub mappingproxy_type: PyClassRef,
+    pub traceback_type: PyClassRef,
     pub object_type: PyClassRef,
 }
 
@@ -158,6 +160,7 @@ impl TypeZoo {
         let rangeiterator_type = create_type("range_iterator", &type_type, &object_type);
         let slice_type = create_type("slice", &type_type, &object_type);
         let mappingproxy_type = create_type("mappingproxy", &type_type, &object_type);
+        let traceback_type = create_type("traceback", &type_type, &object_type);
 
         Self {
             bool_type,
@@ -212,6 +215,7 @@ impl TypeZoo {
             weakref_type,
             weakproxy_type,
             type_type,
+            traceback_type,
         }
     }
 }
@@ -313,4 +317,5 @@ pub fn initialize_types(context: &PyContext) {
     objmodule::init(&context);
     objnamespace::init(&context);
     objmappingproxy::init(&context);
+    objtraceback::init(&context);
 }