A small-angle x-ray scattering (SAXS) study of two-stage latices (TSL), composed of polystyrene (PS) and polytribromostyrene (PTBrS), is presented. The analysis of the scattering curves leads to the conclusion that the TSL particles have a concentric core-shell structure. When a PTBrS latex was used as a seed, its particles were overcoated with a PS shell during the second-stage polymerization. However, only a small portion of the seed particles were overcoated with a PTBrS shell when using a PS seed. The size distributions of the TSL and the PTBrS latex particles were determined from the scattering curves, using the method of Indirect Fourier Transformation. The resulting average radii were in good agreement with the values obtained from TEM observations.