Existing research concludes that acculturation converges Latino immigration policy views with those of Anglo-Americans. Yet, polls show few Latinos support restricting immigration. This article reconciles these statements with theory and evidence. I argue acculturation is part of a broader give-and-take process, the two-way street in which the contrast between expected and perceived treatment by the receiving community shapes whether or not Latino acculturation leads to restrictionism and “convergence” with Anglos. Regression analysis of survey data shows that perceived group discrimination, but not perceived individual discrimination or Latino within-group discrimination, moderates the link between acculturation and support for restrictive policy.