The aim of this study is to analyze the effects of different modes of learning on innovation and profitability in SMEs in two Latin American countries; Mexico and Colombia. The data were obtained using a sample of 250 companies in the industrial sector operating in both countries. Results show that an integrated mode of learning based on internal and external knowledge supported by technological infrastructure have positive and significant effects on the degree of innovation and the profitability in SMEs However this effect appears to be not significantly different from the traditional SMEs mode of learning based mainly on market orientation.