Although extensive research has focused on the perceptual abilities of second language (L2) learners, a significant gap persists in understanding how cognitive functions like phonological short-term memory (PSTM) and nonverbal intelligence (IQ) impact L2 speech perception. This study sets out to investigate the discrimination of L2 English monophthongal vowel contrasts and to assess the effect of PSTM and nonverbal IQ on L2 speech perception. The participants consisted of adult monolingually-raised Greek speakers, who completed an AX discrimination test, a digit span test, and a nonverbal intelligence test. A control group of English speakers also completed the AX test. Data were analyzed using Bayesian regression models. The results revealed that Greek speakers exhibited below chance discrimination for the majority of L2 vowel contrasts, consistently underperforming in comparison to the control group. Intriguingly, the study did not provide substantial evidence in favor of more accurate discrimination of L2 contrasts by Greek participants with high PSTM compared to those with low PSTM. However, the study yielded compelling evidence indicating that Greek participants with higher IQ demonstrated superior accuracy in discriminating most L2 contrasts compared to their lower IQ counterparts. The limited influence of PSTM on speech perception suggests the need for further exploration, considering the potential impact of test methodologies and the intricate interplay of other confounding factors. Furthermore, the study uncovers a noteworthy relationship between nonverbal IQ and L2 speech perception, likely linked with the association of high IQ with enhanced attentional capacities, information processing abilities, and learning skills--all of which are pivotal for accurate speech perception.