Well, based on what the Chicago Art Institute page has to say, it's clear that Magritte was responding to the rise of Fascism and commenting on their racial policies, based on the title and year.

Going deeper than that, I find it funny that the body isn't all that distorted compared to the face. It looks close to normal whereas the facial features are heavily distorted. The fact that there is only one eye atop one ear atop a mouth mounted on two nose pillars suggests to me that maybe he's trying to say that fascists are being led by base instinct rather than higher reason where their racial equations are concerned. I mean, smell is most likely to cause the most visceral reaction of all the senses, in my opinion anyway.

Another interesting element is that you can almost see a full distorted face on the bottom of the exposed foot. Whether or not that is an intentional comment on Fascism unfairly trampling on the dignity of other white people, I couldn't say. But it's an interesting element none the less.