In the context of adolescent substance use, peers are a primary source of both influence and information. Substance‐related peer information sharing is a relatively understudied phenomenon, particularly in street‐involved youth. We recruited 84 youth from a community drop‐in center to complete a survey assessing substance use and peer influence on drug use. A subset of youth completed a semi‐structured interview assessing factors related to peer information sharing around drug use. Results showed that peer influence was highly relevant to drug use patterns in street‐involved youth. Trust in the person supplying information, personal and peer experience, and salience of information played important roles in youths’ assessments of drug‐related information exchanged with peers. Implications for improving community information dissemination strategies are discussed.