Gender gaps in achievement are particularly pronounced among Latina/os, who are among the population most affected by the academic achievement gap. This study examined the roles of racial discrimination, cultural mistrust, and economic value of education in the academic achievement of urban, low‐income Latina/o adolescents. Participants were 346 high school students. Structural equation modeling revealed that the model of associations was a better fit for male students than for female students. Cultural mistrust mediated the relationship between racial discrimination and values of education, and perceived limitations of education predicted lower attendance rates for male students but not for female students. Implications for future research and interventions are discussed.