High latency is often introduced due to limited computational capabilities and high hardware demands. It has proven to significantly impair user performance in target selection, a fundamental interaction task. Existing research has established that latency negatively impacts selection times and success rates in 2D interactive systems; however, the underlying behavioral mechanisms remain unclear. This article investigates the effects of latency on selection times, success rates, and endpoint distributions in Virtual Reality (VR) with controller-based raycasting and bare-hand direct touch—the two most common selection methods. Our results from a user study (N = 31) revealed distinct patterns between the two methods, leading to two novel mathematical models that account for latency, target width, and movement amplitude. These two models were validated via a new dataset collected from a second user study (N = 16) and were demonstrated to outperform the existing models. Our findings provide actionable recommendations to mitigate the negative impacts of latency and improve user experience in VR interface design.