Theoretical and empirical work suggesting associations between (1) mindfulness and depression and (2) cognitive biases (CBs) and depression lay the groundwork for novel questions about how to model mindfulness, how mindfulness and CBs are linked, how CBs are associated with one another, and how CBs may explain the association between mindfulness and depression. The present study derived a model of mindfulness, from which a structural model was built to explore relationships among factors in the model, including attention bias (AB), interpretation bias (IB), and depressive symptoms in a sample of emerging adults. Findings suggested a bi-factor Exploratory Structural Equation Model best fit the data. Results showed mindful non-judgment (but not attention) was related to depression through IB, but not through AB. AB was not related to depression or IB in any model. Implications for the construct of mindfulness and the role of cognitive biases in the mindfulness-depression link are considered.