Leadership development has long been considered an important outcome of higher education, but the patterns of leadership development among students of color have not been widely studied. This article develops a theory of leadership as an outcome of engaged learning. Findings from this study of high-achieving, low-income students of color include: academic and social engagement were positively associated with holding leadership positions; compared to other minority groups, African Americans were more likely to be engaged academically and socially and to hold leadership positions as a consequence of engagement; and the amount of grant/scholarship aid was positively associated with holding leadership positions. (Contains 3 tables.)