The current study utilized exercise self-efficacy ratings from undergraduate students to assess the factor structure of the Self-Efficacy to Regulate Exercise Scale (Bandura, 1997, 2006). An exploratory factor analysis (n = 759) indicated a two-factor model solution and three separate confirmatory factor analyses (n = 1,798) supported this assertion. However, a bifactor analysis simultaneously estimating factor loadings on a general factor and two subfactors ("Emotional Issues" and "External Influences") indicated that the Self-Efficacy to Regulate Exercise Scale is best interpreted using the general factor and subfactors together. Additionally, structural equation models (n = 2,294) relating exercise self-efficacy and completed exercise support the assertion that a bifactor model provides the most accurate information. This study is the first to assess the factor structure of the Self-Efficacy to Regulate Exercise Scale using common factor analysis and bifactor techniques and provides evidence for the use of general factor and subfactors.