Increased metalinguistic awareness (MLA) has been associated with improved performance in tasks of theory of mind; researchers have proposed that individuals with increased MLA, such as bilinguals, rely on metalinguistic skills when completing tasks that require taking other people's perspective into account compared to other individuals who mostly rely on general executive control to complete the same tasks. MLA would, therefore, act as a less effortful path to understanding other perspectives, especially when they differ from one's own. However, the evidence underlying this claim is scant and largely limited to children's theoretical frameworks. In this study, we investigated whether individual differences in MLA predict perspective-taking Theory of Mind above and beyond inhibitory control in a sample of diverse adults across a wide range of linguistic, socioeconomic, and cognitive factors. Bootstrapped mediation analyses revealed that inhibitory control partially, but not fully, mediated the relationship between MLA and perspective-taking. In addition, when differences in language, education and culture were controlled for, the effects of both MLA and inhibitory control were reduced. Overall, the findings emphasize the need to consider multivariate approaches towards understanding the mechanisms underlying theory of mind.