The purpose of this study was to examine the relation between externalizing behavior and peer reputations of kindergarten through third-grade students (N = 35, from 18 classrooms) with or at risk for Emotional and Behavioral Disorders (EBDs). We also examined the extent to which this relation varied as a function of teacher delivery of praise. A series of multiple regression models, adjusted for the nesting of students within classrooms, were conducted. Models revealed a significant effect of the interaction between externalizing behavior and teacher praise on peer reputations for prosocial behavior (i.e., "Being Nice"). This effect indicated a negative relation between externalizing behavior and a prosocial peer reputation for students who received low rates of teacher praise. However, a positive relation was present between externalizing behavior and a prosocial peer reputation for students who received average and high rates of teacher praise. Findings reinforce that teacher praise is an important positive behavioral support and send a preliminary signal that praise may mitigate negative peer reputations for students with or at risk for EBD. Implications for research and practice are discussed. [This is the online first version of an article published in "Journal of Emotional and Behavioral Disorders."]