A turbocharger comprising: a turbine housing; a turbine wheel disposed in the turbine housing and configured to rotate about an axis; a bearing housing adjacent to the turbine housing, and a heat shield disposed between the turbine housing and the bearing housing, the heat shield including: an outer wall defining a first aperture about the axis, the outer wall including: a first member; a flange extending outward from the first member; and a first inner edge adjacent to the first aperture, wherein the first member extends from the flange to the first inner edge; and an inner wall defining a second aperture about the axis, the inner wall including: a second member; a rim extending outward from the second member; and a second inner edge adjacent to the second aperture, wherein the second member extends from the rim to the second inner edge, wherein the first and second inner edges (134, 144) form an air gap between them, the inner wall is spaced apart from the outer wall, the inner wall and the outer wall form a cavity that extends from the rim to the air gap, the air gap being an entrance to the cavity, wherein an exhaust channel is in fluid communication with the air gap, and wherein the outer wall forms a side of the exhaust channel, characterized by: the bearing housing having a chamber being disposed between an inner shoulder and an outer shoulder of the bearing housing, the inner wall being positioned over the chamber, and the first member having a sloped portion proximal to the air gap. a turbine housing; a turbine wheel disposed in the turbine housing and configured to rotate about an axis; a bearing housing adjacent to the turbine housing, and a heat shield disposed between the turbine housing and the bearing housing, the heat shield including: an outer wall defining a first aperture about the axis, the outer wall including: a first member; a flange extending outward from the first member; and a first inner edge adjacent to the first aperture, wherein the first member extends from the flange to the first inner edge; and an inner wall defining a second aperture about the axis, the inner wall including: a second member; a rim extending outward from the second member; and a second inner edge adjacent to the second aperture, wherein the second member extends from the rim to the second inner edge, wherein the first and second inner edges (134, 144) form an air gap between them, the inner wall is spaced apart from the outer wall, the inner wall and the outer wall form a cavity that extends from the rim to the air gap, the air gap being an entrance to the cavity, wherein an exhaust channel is in fluid communication with the air gap, and wherein the outer wall forms a side of the exhaust channel, characterized by: the bearing housing having a chamber being disposed between an inner shoulder and an outer shoulder of the bearing housing, the inner wall being positioned over the chamber, and the first member having a sloped portion proximal to the air gap. an outer wall defining a first aperture about the axis, the outer wall including: a first member; a flange extending outward from the first member; and a first inner edge adjacent to the first aperture, wherein the first member extends from the flange to the first inner edge; and a first member; a flange extending outward from the first member; and a first inner edge adjacent to the first aperture, wherein the first member extends from the flange to the first inner edge; and an inner wall defining a second aperture about the axis, the inner wall including: a second member; a rim extending outward from the second member; and a second inner edge adjacent to the second aperture, wherein the second member extends from the rim to the second inner edge, a second member; a rim extending outward from the second member; and a second inner edge adjacent to the second aperture, wherein the second member extends from the rim to the second inner edge, wherein the first and second inner edges (134, 144) form an air gap between them, the inner wall is spaced apart from the outer wall, the inner wall and the outer wall form a cavity that extends from the rim to the air gap, the air gap being an entrance to the cavity, wherein an exhaust channel is in fluid communication with the air gap, and wherein the outer wall forms a side of the exhaust channel, characterized by: the bearing housing having a chamber being disposed between an inner shoulder and an outer shoulder of the bearing housing, the inner wall being positioned over the chamber, and the first member having a sloped portion proximal to the air gap. the bearing housing having a chamber being disposed between an inner shoulder and an outer shoulder of the bearing housing, the inner wall being positioned over the chamber, and the first member having a sloped portion proximal to the air gap.