Flames engulfed a huge red banner showing Donald Trump, JD Vance, Benjamin Netanyahu and Steve Witkoff in Tehran's Enghelab Square on Wednesday, as crowds gathered to mark the anniversary of the 1979 US embassy hostage crisis.
The four figures were pictured with torn clothes and apparent injuries. Demonstrators marched with portraits of Ali Khamenei and his son Mojtaba, while others displayed caricatures of Trump and Netanyahu, including one depicting the US president as a dog on a leash.
At the former American embassy, crowds chanted "Death to America" and "Death to Israel" and stamped on US and Israeli flags.
The rally followed a Democratic sweep of Congress in the US midterms, although one participant told AP that the election outcome would make little difference to American policy towards Iran.
The annual event commemorates the 1979 hostage crisis, when 52 Americans were detained for 444 days.