This chapter draws on contemporary sociocultural and dialogic perspectives on teaching and learning to investigate how peers collaborate and talk to construct meaning from multimodal texts. Meaning-making is construed as a dialogic, collaborative, situated social practice in which participants comprehend texts through sharing, negotiating and transforming different perspectives. We report a case study with Mexican primary school children. We selected a mixed-gender quartet from fifth grade (10–11 years old) from a larger sample. The quartet read and discussed an illustrated book containing an expository multimodal text to construct meaning jointly. We conducted fine-grained analyses of the quality of peer dialogic interactions and its relation to the reading comprehension strategies they employed. We combined two novel categorisation systems, one that analysed dialogic interactions and the second that qualified reading comprehension strategies. Analyses revealed that children engaged in dynamic dialogic and reading comprehension processes that enabled them to recursively discuss and navigate the images and text while jointly negotiating, constructing and transforming meanings. Furthermore, the dialogic quality of students’ discussions was associated with the sophistication of their reading comprehension strategies. The methods used to analyse peer dialogue afforded new insights into collective meaning-making, opening a window into reading comprehension processes that are usually covert. We discuss the study’s theoretical, methodological and practical implications.