The current study investigated the relationships between bonding social capital, perceptions of justice, and well-being (i.e. the level of depressive symptoms endorsed) in middle and high school students. Previous research has found personal belief in a just world (BJW) and bonding social capital to be associated with positive student well-being outcomes; however, prior research has not yet examined the relationships between these three variables simultaneously. Students from four schools (N = 602) completed questionnaires to better understand the relationships between bonding social capital, personal BJW, and well-being, and how these variables differ based on racial and socioeconomic background. Of note, the questionnaire included one narrative response question to better understand the sources that influence perceptions of justice. There were racial and/or socioeconomic differences in all three variables. Students from racially and/or socioeconomically privileged backgrounds reported significantly higher bonding social capital, higher personal BJW, and/or more positive well-being outcomes. Students' families and their own lived experiences (i.e. past negative experiences) were cited most frequently as impacting perceptions of justice on the narrative response question. Finally, personal BJW partially mediated the relationship between bonding social capital and well-being. Data from the narrative responses and the mediating effect of personal BJW highlight the importance of students' interactions with their immediate environments in shaping perceptions of justice and well-being.