Studies conducted in socially vulnerable contexts suggest that identification with the immediate social environment influences well-being. These relationships become relevant in contexts where collective strategies are necessary for the survival and development of families and communities. The present study explored the relationship between the sense of community (SC) and the subjective, psychological, and social manifestations of well-being in a purposive simple of women and men living in Lima's slums (N = 150). A quantitative study showed significant relationships between the dimensions of SC and several manifestations of well-being. The length of residence in the community was directly associated with higher levels of SC and with some dimensions of psychological and social well-being. A path analysis was conducted, whose results suggest a recursive model in which the SC influences social well-being, with the latter also having an effect on psychological well-being. Subjective well-being is influenced by psychological well-being, while at the same time the cognitive aspect of subjective well-being strengthens the SC.