diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4060e49b..b7e30287 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -12,6 +12,10 @@ and this project adheres to [Python PEP 440 Versioning](https://www.python.org/d
   - CLI now accepts multiple data graph paths and adds a `--validate-each` flag.
   - New `validate_each()` entrypoint for per-graph validation in library code.
 
+### Fixed
+- SPARQL constraint validation no longer misidentifies `VALUES` in property paths or predicate names.
+  - Fixes #301
+
 ## [0.30.1] - 2025-03-15
 
 ### Fixed
diff --git a/pyshacl/cli.py b/pyshacl/cli.py
index 7e1dd21b..d6a8fa6c 100644
--- a/pyshacl/cli.py
+++ b/pyshacl/cli.py
@@ -6,6 +6,7 @@
 import sys
 from io import BufferedReader
 from typing import List, Union, cast
+
 from prettytable import PrettyTable
 
 from pyshacl import __version__, validate, validate_each
@@ -424,6 +425,7 @@ def _col_widther(s, w):
         i += w
     return '\n'.join(s2)
 
+
 def write_validation_output(args, is_conform: bool, v_graph, v_text: str) -> None:
     if args.format == 'human':
         args.output.write(v_text)
@@ -468,5 +470,6 @@ def write_validation_output(args, is_conform: bool, v_graph, v_text: str) -> Non
         v_graph = v_graph.decode('utf-8')
     args.output.write(v_graph)
 
+
 if __name__ == "__main__":
     main()
diff --git a/pyshacl/entrypoints.py b/pyshacl/entrypoints.py
index d3dba2e3..30e4b435 100644
--- a/pyshacl/entrypoints.py
+++ b/pyshacl/entrypoints.py
@@ -19,7 +19,6 @@
 from .validator import Validator, assign_baked_in
 from .validator_conformance import check_dash_result
 
-
 DataGraphInput = Union[GraphLike, BufferedIOBase, TextIOBase, str, bytes]
 MultiDataGraphInput = Sequence[DataGraphInput]
 
diff --git a/pyshacl/helper/sparql_query_helper.py b/pyshacl/helper/sparql_query_helper.py
index d48124cf..84c89c8c 100644
--- a/pyshacl/helper/sparql_query_helper.py
+++ b/pyshacl/helper/sparql_query_helper.py
@@ -33,7 +33,11 @@ class SPARQLQueryHelper(object):
     bind_sg_regex = re.compile(r"([\s{}()])[\$\?]shapesGraph", flags=re.M)
     bind_cs_regex = re.compile(r"([\s{}()])[\$\?]currentShape", flags=re.M)
     has_minus_regex = re.compile(r"^(?:[^#]*|M)(?!#)#?[^\?\$\#]M?INUS[\s\{]", flags=re.M | re.I)
-    has_values_regex = re.compile(r"^(?:[^#]*|V)(?!#)#?[^\?\$\#]V?ALUES[\s\{]", flags=re.M | re.I)
+    # Match keyword VALUES without catching predicate names like ex:allowedValues
+    # Supports VALUES(?x), VALUES ?x, and VALUES { ... }
+    has_values_regex = re.compile(
+        r"^(?!\s*#).*?(?<![\w\-\:])VALUES\b(?:\s*(?:\(|[\?\$]\w+|\{|\w|\s))", flags=re.M | re.I
+    )
     has_service_regex = re.compile(r"^(?:[^#]*|S)(?!#)#?[^\?\$\#]S?ERVICE[\s\<]", flags=re.M | re.I)
     has_nested_select_regex = re.compile(
         r"SELECT[\s\(\)\$\?\a-z]*\{[^\}]*SELECT\s+((?:(?:[\?\$]\w+\s+)|(?:\*\s+))+)", flags=re.M | re.I
diff --git a/test/issues/test_301.py b/test/issues/test_301.py
new file mode 100644
index 00000000..859f6531
--- /dev/null
+++ b/test/issues/test_301.py
@@ -0,0 +1,63 @@
+# -*- coding: utf-8 -*-
+#
+"""
+https://github.com/RDFLib/pySHACL/issues/301
+"""
+import sys
+
+import rdflib
+
+import pyshacl
+
+DATA_TTL = """\
+@prefix ex: <http://example.org/> .
+@prefix owl: <http://www.w3.org/2002/07/owl#> .
+@prefix xsd: <http://www.w3.org/2001/XMLSchema#> .
+
+ex:myVariable
+    a ex:Variable, owl:NamedIndividual ;
+    ex:name "test_variable" ;
+    ex:datatype xsd:integer ;
+    ex:allowedValues ( "1"^^xsd:integer "test"^^xsd:string "5"^^xsd:integer) .
+"""
+
+SHAPES_TTL = """\
+@prefix sh: <http://www.w3.org/ns/shacl#> .
+@prefix ex: <http://example.org/> .
+@prefix rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
+
+ex:TestShape
+    a sh:NodeShape ;
+    sh:targetClass ex:Variable ;
+    sh:sparql [
+        a sh:SPARQLConstraint ;
+        sh:message "Test constraint" ;
+        sh:select '''
+            PREFIX ex: <http://example.org/>
+            PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
+            SELECT $this WHERE {
+                $this ex:allowedValues ?list .
+                ?list rdf:rest/rdf:first ?val .
+            }
+        ''' ;
+    ] .
+"""
+
+
+def test_301():
+    data_g = rdflib.Graph().parse(data=DATA_TTL, format="turtle")
+    shapes_g = rdflib.Graph().parse(data=SHAPES_TTL, format="turtle")
+    conforms, report_graph, results_text = pyshacl.validate(
+        data_g,
+        shacl_graph=shapes_g,
+        advanced=True,
+        debug=False,
+    )
+    assert not conforms
+    assert not isinstance(report_graph, pyshacl.errors.ValidationFailure)
+    assert "Test constraint" in results_text
+
+
+if __name__ == "__main__":
+    test_301()
+    sys.exit(test_301())