Extant literature reports a frequent co-occurrence of substance consumption and antisocial behaviors. It is also postulated, therefore, that risk and protective factors are shared by the two behaviors. The purpose of this research is to test this notion by exploring whether family and peer-individual risk and protective factors are similarly associated with unique and co-occurring substance consumption and antisocial behaviors. A sample of 1,599 school students ranging between the ages of 11 and 19 completed a Spanish-language version of the Communities That Care Youth Survey (CTCYS). This instrument measures risk and protective factors and also captures adolescent drug consumption and antisocial behaviors. We find that risk and protective factors seem to operate in distinct ways for drug consumption and antisocial behaviors when they occur separately. Our findings indicate that the co-occurrence of both behaviors is related to risk factors, but it should not be inferred that the same factors will be present when only one behavior is observed.