The direct and mediated effects of socioenvironmental risk on internalizing and externalizing problems among Latino youth aged 10–14 were examined using prospective analyses. Participants in this study were 464 Latino mother and child dyads surveyed as part of the Welfare, Children & Families: A Three City Study. It was hypothesized that socioenvironmental risk (i.e., maternal psychological distress, maternal parenting stress, neighborhood disadvantage, and perceived financial strain) would influence later adolescent adjustment by interrupting important family processes and interfering with opportunities for adolescents to develop appropriate social competence. Using path analyses, the mediational model was compared across high and low acculturation groups. With two exceptions, the models for the high and low acculturation groups were equivalent. Results supported a mediated effect between early socioenvironmental risk and later adjustment problems for the low acculturation group through family routines and adolescent social competence. Among families high in acculturation, socioenvironmental risk effects were partially mediated through family routines and adolescent social competence. Finally, a path from gender to maternal monitoring was present in the low acculturation group model but not the high acculturation group model.