We studied the predator‐prey interaction between Kelp Gulls Larus dominicanus and Royal Terns Sterna maxima and Cayenne Terns Sterna eurygnatha at Punta León, Argentina, from 1990 to 1992. Kelp Gulls were the main predator of tern eggs in all 3 years, accounting for 99% of observed predations (n = 454). A total of 99% of predations occurred on peripheral tern nests. Total predation rate on both tern species was highest in 1990 and varied significantly between years, with between 0.01 and 0.03 cases of predation per hour. Predation rates in all years were significantly higher on Cayenne than on Royal Terns probably because the latter were significantly more aggressive towards gulls than were Cayenne Terns. Royal and Cayenne Terns displayed aggressively towards gulls at least once in 64% and 10% of the observation periods, respectively. Defence behaviour, such as attacking and chasing the predator, was used more frequently by Royal than Cayenne Terns (13.2% v 3.6%). Predation on tern eggs was restricted to only a few Kelp Gulls which nested close to the tern colony periphery, and 50% of the eggs that were stolen were taken by only two pairs during 1991 and 47% by three pairs in 1992. This suggests that the current expansion of the Kelp Gull numbers at Punta León might not necessarily result in a proportional increase in predation rate on both tern species. Stealing eggs from the ground was more successful than from the air (77% v 17%). The nesting strategy shown by Royal and Cayenne Terns at Punta León appears to be an important factor which reduced the impact on their breeding success of high potential predation pressure by gulls.