Developmental dyslexia is a complex reading disorder involving genetic and environmental factors. After more than a century of research, its etiology remains debated. Two hypotheses are often put forward by scholars to account for the causes of dyslexia. The most common one, the linguistic hypothesis, postulates that dyslexia is due to poor phonological awareness. The alternative hypothesis considers that dyslexia is caused by visual-attentional deficits and abnormal eye movement patterns. This article reviews a series of selected event-related brain potential (ERP) and eye movement studies on the reading ability of dyslexic individuals to provide an informed state of knowledge on the etiology of dyslexia. Our purpose is to show that the two abovementioned hypotheses are not necessarily mutually exclusive, and that dyslexia should rather be considered as a multifactorial deficit.