Metatalk (MT) emerges in interaction when learners, working through a linguistic problem, turn their attention to features of their language (Swain, 2000; Swain & Lapkin, 2002). One factor that influences how MT develops is learners’ language proficiency. This multiple-case study explored how high-proficiency Spanish L2 and heritage learners engaged in lexical MT during a text reconstruction activity. Key findings from the analysis of learners’ lexical language-related episodes (LLREs) and commentaries from a debriefing interview revealed that (a) learners targeted mostly word meaning with few exchanges on spelling and pronunciation, (b) LLRE frequencies were comparable among dyads and learner groups, (c) learners described inferencing processes toward solving LLREs as internal and often not verbalized, thus demonstrating a transition toward self-regulation, and (d) although capable of producing MT in Spanish, learners often gravitated toward English in their metalinguistic talk. MT was materialized as dyadic collaboration when learners sought an answer together; role-taking emerged as one partner took the expert role, at least momentarily, and provided an answer to the linguistic question posed by their partner.