Vocabulary size is one of the most important early metrics of language development. Assessing vocabulary in bilingual children is complex because bilinguals learn words in two languages, which include translation equivalents (cross-language synonyms). We collected expressive vocabulary data from English and French monolinguals (n = 220), and English–French bilinguals (n = 184) aged 18–33 months, via parent report using the MacArthur-Bates Communicative Development Inventories, and quantified bilinguals’ vocabulary size using different approaches to counting translation equivalents. Our results showed that traditional approaches yield larger (word vocabulary) or smaller (concept vocabulary) quantification of bilinguals’ vocabulary knowledge relative to monolinguals. We propose a new metric, the bilingual adjusted vocabulary, that yields similar vocabulary sizes for monolinguals and bilinguals across different ages. Uniquely, this approach counts translation equivalents differently depending on the child’s age. This developmentally-informed bilingual vocabulary measure reveals differences in word learning abilities across ages, and provides a new approach to measure vocabulary in bilingual toddlers.