Robust evidence supports the use of prolonged exposure therapy (PE) as a first‐line treatment for posttraumatic stress disorder (PTSD). However, Latinos have not benefitted equally from advancements in the treatment of PTSD and continue to face barriers to receiving care. There is consensus that it is necessary to support the expansion of high‐quality culturally and linguistically appropriate treatment to address disparities experienced by racial and ethnic minorities in behavioral health care. The current study was a randomized controlled trial comparing a culturally adapted PE intervention with applied relaxation (AR) among Spanish‐speaking Latinos with PTSD in Puerto Rico. Eligible participants (N = 98) were randomly assigned to PE (n = 49) or AR (n = 49). Both treatments included 12–15 weekly sessions each lasting 60–90 min. The primary outcome, clinician‐rated PTSD symptom severity, was assessed using the Clinician‐Administered PTSD Scale for DSM‐5 at baseline, posttreatment, and 3‐month follow‐up. Secondary outcomes were assessed using the Patient Health Questionnaire and State–Trait Anxiety Inventory. Results showed a large within‐group effect of treatment on PTSD symptoms, PE: d = 1.29, 95% CI [1.12, 2.05]; AR: d = 1.38, 95% CI [1.21, 2.19]. The between‐group effect on PTSD symptoms was small, d = −0.09, 95% CI [−0.48, 0.31]. Participants in both treatment conditions reported significant decreases in PTSD symptoms from baseline to follow‐up; additionally, significant within‐group reductions in depression and anxiety symptoms were observed. These findings underscore the potential benefit of PE and AR for the treatment of Spanish‐speaking Latinos with PTSD.