A braking mechanism for a stroller having a parking brake which prevents rotation of a wheel and a drag brake which retards rotation of the wheel, the braking mechanism being controlled by a single brake lever. The lever has a neutral position in which neither the parking brake nor the drag brake is engaged and the wheel rotated freely, a parking position in which the parking brake is engaged, and a drag braking position in which a use can apply and modulate the drag brake to selectively retard wheel rotation. The combination braking mechanism is preferred for use on a conventional jogging stroller.