Based on the risk and resilience model, the current study examined the effect of ethnicity-related stressors (perceived discrimination, stereotype confirmation concern, and own-group conformity pressure) and ethnic identity (centrality, private regard, public regard, and other-group orientation) on the well-being of 171 Latino American college students. The study also examined the moderating role of ethnic identity on the relationship between ethnicity-related stressors and well-being. Findings showed that stereotype confirmation concern significantly predicted less well-being, whereas a positive ethnic identity predicted greater well-being. Ethnic identity also moderated the effect of ethnicity-related stressors on well-being. Different patterns emerged for the moderating effect of different ethnic identity dimensions and different ethnicity-related stressors. Findings are discussed in terms of the acculturative and ethnic diversity context of the college students. (Contains 2 notes, 3 tables, and 3 figures.)