Twenty-two years after he arrived in the U.S. from Peru in 1986 to be a contract rider for Manny Azpurua in Florida, Prado was elected to the Hall of Fame in Saratoga Springs. His father was a trainer in Peru and two of his brothers have been jockeys in the U.S. Prado moved from Florida to New England then to the Mid-Atlantic circuit, where he built his reputation. He led the nation in victories three consecutive years, 1997-1999; the 1997 total was 536 wins. He made the most of a great opportunity in the summer of 1999 when trainer John Kimmel offered him a chance to replace the injured Richard Migliore as his first-call rider at Saratoga. Prado moved to New York and became a leading rider on the NYRA circuit. He led all riders in New York in 2005 with 206 wins and ranked second nationally in purse earnings that year with $18.6 million. He stopped Triple Crown bids in the Belmont Stakes with Sarava in 2002 and two years later by beating Smarty Jones with the Nick Zito-trained Birdstone. Prado rode the unbeaten 2006 Kentucky Derby winner Barbaro.
In the 2015 Breeders' Cup Sprint, Prado won his first Breeders' Cup in five years on Runhappy.