Phonological and visual theories propose different primary deficits as part of the explanation for dyslexia. Both theories were put to test in a sample of Spanish dyslexic readers. Twenty-one dyslexic and 22 typically-developing children matched on chronological age were administered phonological discrimination and awareness tasks and coherent motion perception tasks. No differences were found between groups on the coherent motion tasks, whereas dyslexic readers were impaired relative to controls on phonological discrimination tasks. Gender differences followed the opposite pattern, with no differences on phonological tasks, and dyslexic girls performing significantly worse than dyslexic boys in coherent motion perception. These results point to the importance of phonological deficits related to speech perception in Spanish, and to possible gender differences in the neurobiological bases for dyslexia. (Contains 3 tables.)