This study examines Spanish [Verb + Noun (V + N)] compounds based on insights drawn from Construction Grammar. In contrast to previous studies that treat Spanish [V + N] compounds as having one common structural and semantic property, this study proposes two types of [V + N] compound constructions in Spanish, each with its own respective constructional meaning. It argues that the acceptability, or the lack thereof, of Spanish [V + N] compounds is not based solely on the individual lexical items that constitute the compounds or the mere composition of those items, but the two constructions that sanction individual occurrences. In the case of a compound with multiple meanings and multiple compounds expressing one meaning, the interaction between constructional meanings and item-specific knowledge about individual instances is shown to be relevant as well. (Contains 5 figures.)