Inherent Vice features gay characters primarily within a criminal prostitution ring, serving as a plot device in its labyrinthine noir narrative. Their LGBTQ+ identity is present but not central to the film's themes, nor is it explicitly affirmed or denigrated. The portrayal is largely incidental, reflecting the film's detached observation of a morally ambiguous underworld.

The film features Japonica Fenway, a character identified as a transsexual woman. Her identity is acknowledged but not central to the narrative, serving more as a descriptive characteristic within the film's diverse cast. The portrayal avoids strong positive or negative arcs, neither explicitly affirming nor denigrating trans identity, thus resulting in a neutral impact. For example, her trans identity is mentioned but not deeply explored as a thematic element.