Text comprehension relies on high-level cognitive processes as it is the ability to revise an erroneous inference. Recent models of language processing hold that native language processing is proactive in nature (highly predictive), whereas processing seems to be weaker in the second language. However, if a prediction fails because unexpected information is encountered, reactive processing is needed to revise previous information. Twenty-four highly proficient late bilinguals were presented with narratives in L1-English and L2-Spanish. Each text demanded the revision of an initial predictive inference. Reading times and N400 amplitude suggested inferential revision is less efficient in the L2 compared to the L1. Importantly, these effects were modulated by individual differences in cognitive control and L2 proficiency. More efficient L1 comprehension was related to a balance between proactive and reactive control and lower L2 proficiency, whereas more native-like L2 comprehension was associated with a strong proactive control and higher L2 proficiency.