The field of studies in metacognition points to some limitations in the way the construct has traditionally been measured and shows a near absence of performance-based tests. The Meta-Text is a performance-based test recently created to assess components of cognition regulation: planning, monitoring, and judgment. This study presents the first evidence on the structural validity of the Meta-Text, by analyzing its dimensionality and reliability in a sample of 655 Honduran university students. Different models were tested, via item confirmatory factor analysis. The results indicated that the specific factors of planning and monitoring do not hold empirically. The bifactor model containing the general cognition regulation factor and the judgment-specific factor was evaluated as the best model (CFI = 0.992; NFI = 0.963; TLI = 0.991; RMSEA = 0.021). The reliability of the factors in this model proved to be acceptable ([omega] = 0.701 & 0.699). The judgment items were well loaded only by the judgment factor, suggesting that the judgment construct may actually be another component of the metacognitive knowledge dimension but having little role in cognition regulation. The results show initial evidence on the structural validity of the Meta-Text and give rise to information previously unidentified by the field which has conceptual implications for theorizing metacognitive components.