On May 6, 2006, Prado rode Barbaro to victory in the 132nd Kentucky Derby, 6½ lengths ahead of the second finisher, Bluegrass Cat.

Prado was visibly moved, declining comment, but by all accounts his fast action on the track contributed to saving the colt's life.

Other racing accomplishments include victories in the 2002 and 2004 Belmont Stakes, in each case aboard a longshot depriving a favorite of the United States Triple Crown.

In 2004 Prado rode Birdstone to victory in the Belmont, denying heavy favorite Smarty Jones the Triple Crown.

On September 24, 2006, Prado received the New York Racing Association's 2006 Mike Venezia Memorial Award in a paddock ceremony at Belmont Park.

It honors those "...who exemplify extraordinary sportsmanship and citizenship", and is given in memory of Mike Venezia, killed on October 13, 1988 in a spill at Belmont Park.