The principal toughening mechanism of a substantially toughened, rubber-modified epoxy has again been shown to involve internal cavitation of the rubber particles and the subsequent formation of shear bands. Additional evidence supporting this sequence of events which provides a significant amount of toughness enhancement, is presented. However, in addition to this well-known mechanism, more subtle toughening mechanisms have been found in this work. Evidence for such mechanisms as crack deflection and particle bridging is shown under certain circumstances in rubber-modified epoxies. The occurrence of these toughening mechanisms appears to have a particle size dependence. Relatively large particles provide only a modest increase in fracture toughness by a particle bridging/crack deflection mechanism. In contrast, smaller particles provide a significant increase in toughness by cavitation-induced shear banding. A critical, minimum diameter for particles which act as bridging particles exists and this critical diameter appears to scale with the properties of the neat epoxy. Bimodal mixtures of epoxies containing small and large particles are also examined and no synergistic effects are observed.