This qualitative study inquired into secondary students' perceptions of their participation in a secondary Spanish-English two-way immersion (TWI) program, triangulating data from 166 surveys and 24 focus interviews across grades 6-12. After reviewing current research on secondary two-way immersion programs, the article describes the study and its findings. The first finding stresses the continuous link between language and identity and how this link differs within the Latino group. A second theme centered on how students viewed the linguistic and cultural capital the TWI program aims to develop, with the Anglo students identifying bilingualism for better job opportunities as the most important capital. Latino students also envisioned better job opportunities; however, Spanish was valued foremost for its connection to their families and roots. Finally, the third theme discusses linguistic and cultural equity. Though all students evaluated their experiences in the TWI program positively, they acknowledged that as they moved through the secondary years, their exposure to Spanish declined and English dominated their school day. The authors urge educators to consider how the academic, linguistic, and cultural benefits of TWI programs are distributed for various groups enrolled in the program. (Contains 2 tables.)