Research on American-English (AE) vowel perception by Spanish–English bilinguals has focused on the vowels /i/-/ɪ/ (e.g., in sheep/ship). Other AE vowel contrasts may present perceptual challenges for this population, especially those requiring both spectral and durational discrimination. We used Event-Related Potentials (ERPs), MMN (Mismatch Negativity) and P300, to index discrimination of AE vowels /ɑ/-/ʌ/ by sequential adult Spanish–English bilingual listeners compared to AE monolinguals. Listening tasks were non-attended and attended, and vowels were presented with natural and neutralized durations. Regardless of vowel duration, bilingual listeners showed no MMN to unattended sounds, and P300 responses were elicited to /ɑ/ but not /ʌ/ in the attended condition. Monolingual listeners showed pre-attentive discrimination (MMN) for /ɑ/ only; while both vowels elicited P300 responses when attended. Findings suggest that Spanish–English bilinguals recruit attentional and cognitive resources enabling native-like use of both spectral and durational cues to discriminate between AE vowels /ɑ/ and /ʌ/.