Meta4XNLI is a new parallel dataset for metaphor detection and interpretation in Spanish and English. This paper investigates the metaphor identification and understanding capabilities of language models through a series of monolingual and cross-lingual experiments using the proposed corpus. We examine the results and perform error analysis to understand the impact of figurative expressions on model performance. In addition, parallel data provides many potential opportunities to investigate the transferability of metaphors between these languages and the impact of translation on the development of multilingual annotation resources.