This article explores the connection between cognitive functioning and falls among seniors (≥60 years of age) in Havana, Cuba, after controlling for observable characteristics. Using the SABE (Salud, Bienestar, and Envejecimiento) cross-sectional database, we used an econometric strategy that takes advantage of available information to reduce the endogeneity problem of cognitive functioning and the individual probability of falling. Our findings suggest that memory scores and cognitive functioning impacts the probability of falling—even after controlling for demographics, socioeconomic status, existence of chronic non-communicable conditions, vision/hearing capacity, and baseline health. Monitoring elderly with low cognitive functioning may be a cost-effective way to reduce the economic burden of falls.