About 40% of Blacks and 50% of Hispanics entering college will earn a degree. However, many of these successfully matriculating students may experience a sense of intellectual phoniness known as the impostor phenomenon (IP). Few studies have explored the development of the IP in minority students. To address this gap in the literature, the present research investigated the predictors of IP in 161 academically talented Black and Hispanic students. Specifically, first-generation status, psychological well-being and ethnic identity were examined as potential predictors of IP. The results revealed that low psychological well-being and low ethnic identity are predictors of IP. Implications for university-based counseling and academic programs targeting minority students at predominantly White institutions (PWIs) are also discussed.