Both higher-order processes (HOP)–which include cognitive strategies such as inferencing and prediction–and vocabulary depth are widely acknowledged correlates of reading comprehension; however, their dynamic interplay in L2 reading remains unclear. The present study is a concurrent test of the Linguistic Threshold Hypothesis (LTH) and Lexical Quality Hypothesis (LQH) by modeling strategy use and lexical quality within a single explanatory framework. One hundred Korean seventh-grade EFL learners completed a battery of tests on various reading comprehension components. Results from the hierarchical regression analysis revealed no moderation effect between Oral Language Comprehension (OLC) and HOP, indicating a pattern that does not support a gradual or interactive version of LTH. Nevertheless, HOP retained significant predictive power when OLC was controlled. Vocabulary depth explained additional variance beyond OLC and HOP, supporting the LQH. The findings delineate unique contributions of cognitive strategy use and lexical depth to L2 reading and support theoretical and pedagogical models that scaffold HOP while systematically advancing lexical quality.