This study investigated the prevalence and stability of latent classes among elementary-aged English learning (EL) children whose first language is Spanish. To this end, EL children (N = 267) in Grades 1, 2, and 3 at Wave 1 (Year 1) were administered a battery of vocabulary, reading, math, and cognitive measures (short-term memory, working memory, rapid naming, inhibition) in both Spanish and English. These same measures were also administered one year later (Wave 2). Four important findings occurred. First, four latent classes (balanced bilinguals-average achievers, unbalanced bilinguals-average achievers, children at risk for learning disabilities, English dominant) at both testing waves emerged. Second, probability estimates indicated that 20% of the total sample was at risk for learning disabilities at Wave 1, with late-emerging academic difficulties increasing the learning disabilities latent class by 5% at Wave 2. Third, the incidence of late-emerging children at risk for learning disabilities was higher among balanced bilingual average achievers, especially for those children transitioning to or from Grade 3. Finally, the cognitive measures for predicting the odds of children being correctly classified in the final wave of testing included measures of naming speed and working memory. The results support the notion that statistically distinct latent classes emerge under the umbrella of language and academic performance and that children at risk for learning disabilities can be separated among a heterogeneous sample of children who are English language learners.