This study focuses on the ethical foundations of learning in virtual environments and identifies the ethical values perceived by university students and faculty in the learning process. We analyzed 235 participants, including students from different Spanish-speaking countries and virtual education teachers, and employed a design-based research methodology using quantitative tools for empirical data collection. The analysis showed that: (a) the learning experience in virtual environments is ethical; (b) responsibility, commitment, respect, solidarity, and tolerance can be considered typical of learning in virtual learning environments; and (c) students and teachers have shared ethical experiences regarding the values considered most relevant in virtual education.