This cohort-sequential study explored the components of working memory (WM) that underlie second language (L2) reading growth in 450 children at risk and not at risk for reading disabilities (RD) whose first language is Spanish. English language learners designated as balanced and nonbalanced bilinguals with and without risk for RD in Grades 1, 2, and 3 at Wave 1 were administered a battery of cognitive (short-term memory, WM, naming speed, and inhibition), vocabulary, and reading measures in Spanish and English. These same measures were administered 1 and 2 years later. Two important findings occurred: First, growth in the WM executive component was significantly related to growth in English word identification and passage comprehension when competing measures (phonological processing, naming speed, inhibition, and fluid intelligence) were entered into the multilevel growth model. Second, children defined as at risk for RD in Wave 1 had lower intercepts than children not at risk at Wave 3 across several measures of cognition, language, and achievement. However, except on measures of the executive component of WM, no significant group differences in linear growth emerged. These findings suggest that growth in L2 reading was tied to growth in the executive system of WM.