Abstract: On 4 May 2022 the InSight seismometer SEIS‐VBB recorded the largest marsquake ever observed, S1222a, with an initial magnitude estimate of 4.6. Understanding the depth and source properties of this event has important implications for the nature of tectonic activity on Mars. Located ∼37° to the southeast of InSight, S1222a is one of the few non‐impact marsquakes that exhibits prominent surface waves. We use waveform modeling of body waves (P and S) and surface waves (Rayleigh and Love) to constrain the focal mechanism, assuming a double‐couple source, and find that S1222a likely resulted from reverse faulting in the crust (source depth near 22 km). We estimate the scalar moment to be 2.5 × 1015–3.5 × 1015 Nm (magnitude MW 4.2–4.3). Our results suggest active compressional tectonics near the dichotomy boundary on Mars, likely due to thermal contraction from planetary cooling.