Internalized racism is rarely discussed in student affairs. Despite the negative effects of internalized racism on the mental health and identity development of college students of color, little is known about its etiology. Based on theoretical conceptions, the author explores if perceived racism and/or U.S. acculturation act as predictors of internalized racism in the Chicana/o and Latina/o community. Using multiple linear regression, U.S. cultural identity and perceived interpersonal racism acted as predictors of internalized racism for Chicana/o and Latina/o college students. The implications of these findings and the need for further research are discussed. (Contains 4 tables.)