Ethnic–racial identity (i.e., individuals’ beliefs about their ethnic–racial group membership and the processes through which they develop those beliefs) is a developmental competency that can promote adolescents’ adjustment; however, the extant literature has largely focused on how distinct dimensions of ethnic–racial identity are associated with adjustment (i.e., variable-centered approaches), potentially obscuring a more holistic understanding of this developmental competency. The current study utilized latent profile analysis, a person-centered approach, to examine profiles of ethnic–racial identity among Black (n = 325; Mage = 15.94, SD = 1.14) and Latinx (n = 370; Mage = 16.13, SD = 1.10) adolescents as well as links between profile membership and adjustment. Three ethnic–racial identity profiles emerged: Diffuse & Low Regard (n = 55; lower development, lower self-concept); Diffuse & High Regard (n = 160; lower development, higher self-concept); and Developed & Idealized (n = 477; higher development, higher self-concept). The profile highest in ethnic–racial identity across all indicators reported the highest levels of adjustment. The findings highlight the synergistic benefits of ethnic–racial identity development and positive self-concept for adolescents’ psychosocial and academic adjustment.