This study examines the relationships between psychological capital, metacognition, and academic engagement, focusing on how these dynamics differ across educational modalities (online vs. in-person). Guided by Positive Organizational Behavior theory, we propose and test four hypotheses: (1) psychological capital positively relates to academic engagement, (2) it enhances metacognitive abilities, (3) metacognition mediates the psychological capital–engagement relationship, and (4) this mediation is moderated by program modality. Using data from university students, we analyze the roles of self-efficacy, resilience, hope, and optimism in cognitive and metacognitive processes. Metacognition significantly mediates the relationship between psychological capital and academic engagement, with variations observed between online and in-person settings. Psychological resources play key roles in enhancing both cognitive and metacognitive processes for academic engagement. This study contributes to the literature by revealing how psychological resources and cognitive processes interact in educational contexts, offering insights for enhancing engagement through metacognition across learning environments. The study’s focus on university students limits generalizability. Future research could examine diverse populations and educational programs could be tailored to support psychological and cognitive resources, with adjustments for online and in-person formats to maximize engagement. Promoting psychological capital and metacognition in education can contribute to student well-being and resilience, benefiting society by developing a more adaptable workforce.