The deleterious effects of ethnic-racial discrimination on youth's academic adjustment are well-documented. Although theory and empirical studies point to the protective and promotive role of ethnic-racial identity (ERI) development for academic adjustment in contexts of adversity, its role in the academic adjustment of Colombian adolescents is unknown. Guided by an academic resilience framework, we examined the associations among ERI, ethnic-racial discrimination, and academic adjustment--as indexed by students' sense of school belonging, academic engagement, and grades--among 462 adolescents (47.3% female-identifying; M[subscript age] = 15.90, SD = 1.15) from six socioeconomically diverse schools in Medellín, Colombia. Multivariate path analyses showed that more frequent experiences of discrimination were linked to lower academic adjustment. ERI was positively associated with academic adjustment above and beyond the effects of discrimination. Our findings suggest that whereas discrimination poses a significant risk for Colombian adolescents' academic adjustment, ERI serves as a promotive developmental resource that compensates for this risk. To promote the academic adjustment of all students, educators and policy makers may want to explore programs and strategies that foster adolescents' ethnic-racial identity. Appended to this paper are the list of references, two tables, two figures, and supplementary materials. [This paper was published in "Comparative Education Review" v68 n4 p538-561 2024.]