The Cenozoic rift system of Baikal, located in the interior of the largest continental mass on Earth, is thought to represent a potential analog of the early stage of breakup of supercontinents. We present a detailed P wave velocity structure of the crust and sediments beneath the Central Basin, the deepest basin in the Baikal rift system. The structure is characterized by a Moho depth of 39--42.5 km; an 8-km-thick, laterally continuous high-velocity (7.05--7.4 km/s) lower crust, normal upper mantle velocity (8 km/s), a sedimentary section reaching maximum depths of 9 km, and a gradual increase of sediment velocity with depth. We interpret the high-velocity lower crust to be part of the Siberian Platform that was not thinned or altered significantly during rifting. In comparison to published results from the Siberian Platform, Moho under the basin is elevated by <3 km. On the basis of these results we propose that the basin was formed by upper crustal extension, possibly reactivating structures in an ancient fold-and-thrust belt. The extent and location of upper mantle extension are not revealed by our data, and it may be offset from the rift. We believe that the Baikal rift structure is similar in many respects to the Mesozoic Atlantic rift system, the precursor to the formation of the North Atlantic Ocean. We also propose that the Central Baikal rift evolved by episodic fault propagation and basin enlargement, rather than by two-stage rift evolution as is commonly assumed.