This study examines an often-observed, but rarely studied, phenomenon of drug trafficking and gun carrying behaviors among urban male youth, as much of social science research so far addresses the two behaviors separately. Attention is directed at delineating the social mechanisms, namely individual-level risk factors (poverty, family, and education), that lead youth to adopt code-related beliefs, which increase risks for engaging in drug trafficking and gun carrying. Results from the multivariate data analysis indicate that race and code-related beliefs are significant predictors of participation in co-occurring behaviors. Additionally, the impact of code-related beliefs on participation in co-occurring behaviors was not found to be different for different racial groups as suggested by Anderson. Little support was found for individual-level risk factors, as a whole, impacting participation in co-occurring behaviors. Implications of the findings are discussed with regard to the impact of racial status, as a risk factor, and code-related beliefs on participation in co-occurring behaviors by urban male youth.