When studying discrimination, it is important to examine both perceived frequency and stress associated with these experiences, as well as the interplay between these two dimensions. Using data from Latino/a participants (N = 168), we found an interaction effect of the reported frequency and reported stressfulness of discrimination on psychological distress (depression and anxiety), such that frequency predicted greater psychological distress for low-stress events, but high-stress events were associated with greater distress regardless of frequency. In addition, using the constructs of "stated" and "derived" stressfulness, we found that the frequency of experiences of discrimination that were rated as less stressful were, in fact, correlated with greater psychological distress. Discrimination events not experienced as stressful nonetheless may have negative implications for the target, especially if they occur frequently.