This article provides the results of a study involving the police forces in England and Wales which provided information on all those formally cautioned for a standard list offense, i.e., all indictable offenses and the more serious summary offenses, during three sample weeks in 1985, 1988, and 1991. Three samples of nearly 3,000 offenders each were provided. A sample of offenders cautioned in 1991 also was analyzed. This information then was matched with details contained in a database of all offenders convicted of standard list offenses between 1963 and 1992. Results of the study indicate that about 85 percent of the offenders were not convicted of a standard list offense within the 2 years following their caution. The proportion with two or more previous cautions rose from 3 percent for the 1985 sample to 8 percent for the 1991 sample. Those previously convicted were over three times as likely to be convicted within 2 years of the caution as those without any past criminal history. Tables, figure, references