This study investigated learner knowledge of the figurative meanings of 30 collocations that can be both literal and figurative. One hundred and seven Chilean Spanish-speaking university students of English were asked to complete a meaning-recall collocation test in which the target items were embedded in non-defining sentences. Results showed limited collocation knowledge, with a mean score of 33% correct. The study also examined the effects of frequency, semantic transparency, year at university, and everyday engagement with the second language (L2) outside the classroom on this collocation knowledge. Mixed-effects modelling indicated that there was no relationship between frequency and semantic transparency and the knowledge of the figurative meanings. However, a positive relationship was found between this knowledge and year at university, time spent in an English-speaking country, and time spent reading.