This study investigates the use of metacognitive strategies by young emergent multilingual students in a translanguaging pedagogy scenario. From a multilingual perspective, we understand metacognition as a broader concept that refers to the learning or thinking processes that encapsulate metalinguistic and crosslinguistic awareness. We focus on the performance phase of the reading process where students deploy strategies and monitor the progress and quality of the activity. The participants were 48 bilingual fifth graders in a multilingual school in the Basque Autonomous Community in the north of Spain; 39.5% of the students had Basque as their first language, while 60.5% had Spanish, similar to the sociolinguistic context of the school, and all were learning English as a foreign language. Data for this study were collected in the English class while the students were set in pairs to complete a reading comprehension task. Their performance was audio-recorded, and language-related episodes were analysed to explore the strategic behaviour of the students. This analysis identified episodes where students talked about either their language production or language use. The findings show that although pedagogical translanguaging focuses mainly on raising crosslinguistic awareness, it can also develop a broader metalinguistic awareness and facilitate metacognitive reflection. The study highlights the link between enhancing metalinguistic awareness and the development of multilingual students' metacognitive knowledge for effective self-regulated strategic behaviour when reading in a foreign language.