The structure of 192Pb has been investigated using the 173Yb(24Mg, 5n) reaction at Eb = 132 MeV. The level scheme has been extended up to an excitation energy of 7 MeV and a spin of 23 ħ. Two collective bands of levels linked by M1 transitions and four groups of states of non-collective character have been observed. Based on comparison with experimental data on odd-A Tl isotopes and with cranked shell-model calculations assuming an oblate shape, the collective Ml bands are interpreted as having an underlying proton 2-quasiparticle configuration coupled to a pair of rotation-aligned i 13 2 neutrons. The four groups of non-collective level-sequences are understood as 4-quasiparticle excitations associated with aligned neutron 2-quasiparticle states that involve a mixture of neutron and proton degrees of freedom.