[Fianchetto]

As usual, "it depends"

Since both raises came from late position, folding is not an option in my mind.

I think capping has merit, especially from the SB, as you will likely drive out the BB, or if you think the original raiser will drop out preflop for two more cold, then you can get it heads up with the LP re-raiser.

Otherwise, I think a better line may be to just call preflop, and checkraise any favorable flop. You'll be able to protect your hand better this way as opposed to capping when you're almost forced to bet the flop out of position in a large 3-way pot.