The fundamental limits of channels with mismatched decoding are addressed. A general formula is established for the mismatch capacity of a general channel, defined as a sequence of conditional distributions with a general decoding metrics sequence. We deduce an identity between the Verdú-Han general channel capacity formula, and the mismatch capacity formula applied to Maximum Likelihood decoding metric. Further, several upper bounds on the capacity are provided, and a simpler expression for a lower bound is derived for the case of a non-negative decoding metric. The general formula is specialized to the case of finite input and output alphabet channels with a type-dependent metric. The closely related problem of threshold mismatched decoding is also studied, and a general expression for the threshold mismatch capacity is obtained. As an example of threshold mismatch capacity, we state a general expression for the erasures-only capacity of the finite input and output alphabet channel. We observe that for every channel there exists a (matched) threshold decoder which is capacity achieving. Additionally, necessary and sufficient conditions are stated for a channel to have a strong converse. Csiszár and Narayan's conjecture is proved for bounded metrics, providing a positive answer to the open problem introduced in [1], i.e., that the "product-space" improvement of the lower random coding bound, $C_q^{(\infty)}(W)$, is indeed the mismatch capacity of the discrete memoryless channel $W$. We conclude by presenting an identity between the threshold capacity and $C_q^{(\infty)}(W)$ in the DMC case.