Photoluminescence of silicon nanocrystals (SiNCs) in the presence of a series of quinone electron acceptors and ferrocene electron donors is quenched by oxidative and reductive electron transfer dynamic processes, respectively. The rate of these processes is investigated as a function of (a) the thermodynamic driving force of the reaction, by changing the reduction potentials of the acceptor or donor molecules, (b) the dimension of SiNCs (diameter = 3.2 or 5.0 nm), (c) the surface capping layer on SiNCs (dodecyl or ethylbenzene groups), and (d) the solvent polarity (toluene vs dichloromethane). The results were interpreted within the classical Marcus theory, enabling us to estimate the position of the valence and conduction bands, as well as the reorganization energy (particularly small, as expected for quantum dots) and electronic transmission coefficients. The last parameter is in the range 10–5–10–6, demonstrating the nonadiabaticity of the process, and it decreases upon increasing the SiNC dimensions: this result is in line with a larger number of excitons generated in the inner silicon core for larger SiNCs and thus resulting in a lower electronic coupling with the quencher molecules.