Exposure to peer aggression and bullying victimization are both expressions of peer victimization but distinct constructs among adolescents. This study examined the potential associations between peer victimization and individual/family/peer factors and assessed whether the factors associated with peer aggression differed from those related to bullying victimization. This cross-sectional study, conducted in a low-income Brazilian city characterized by poverty, inequality and violence, involved a three-stage probabilistic sampling plan that included a random selection of census units, eligible households, and the target child. Data collected from 669 in-school adolescents (11-15-years, 51.7% girls) during face-to-face confidential home interviews were analysed. The level of exposure to peer aggression was determined by the sum of the presence of 15 events (physical aggression, verbal harassment, social manipulation) occurring at different frequencies in the previous six months. Bullying victimization occurring more than once a week/most days in the previous six months was investigated after presenting a bullying victimization definition to participants which required them to feel harmed by their victimization experiences. Path analysis identified factors associated with peer aggression and bullying victimization. Suicide ideation/attempt was associated with bullying victimization, while being overweight, using alcohol (previous 12 months) and having no social support from a friend were associated with peer aggression. Community violence exposure (previous 12 months) was associated with both study outcomes. In conclusion, the fact that suicidality was associated with bullying victimization but not with peer aggression suggests that when adolescents recognize that peer victimization hurts their feelings, their mental health appears to be negatively affected.