Background/Objectives: Sichuan Mandarin is often described as exhibiting overlap or merger between word-initial /n/ and /l/, but perceptual sensitivity across phonetic contexts remains underexplored. This study examines whether perception of the /n–l/ contrast varies by vowel context and listener experience. Methods: Thirty-two Sichuan Mandarin listeners completed categorical identification and same–different AX discrimination tasks using seven-step /n/→/l/ continua derived from native-speaker productions in /i/ and /a/ contexts. Sensitivity, response bias, accuracy, and response times were analyzed alongside individual differences. Acoustic properties of the stimuli were quantified using spectral and amplitude-based measures. Results: Listeners showed overall reduced sensitivity to the /n–l/ contrast, with substantially stronger perceptual differentiation in /i/ than /a/ context. Bias patterns were comparable across contexts, indicating sensitivity-driven effects. Acoustic analyses showed more robust cue structure in the /i/ continuum. Age, education, and Standard Mandarin experience modulated response efficiency but did not eliminate the vowel asymmetry. Conclusions: Results support a context-dependent near-merger of /n/ and /l/, shaped by acoustic cue availability and experience-based cue exploitation.