This paper deals with an interesting facility location problem known as the bi-objective p-Median and p-Dispersion problem (BpMD problem). The BpMD problem seeks to locate p facilities to service a set of n demand points, and the goal is to minimize the total distance between facilities and demand points and, simultaneously, maximize the minimum distance between all pairs of hosted facilities. The problem is addressed with a novel path relinking approach, called reactive path relinking, which hybridizes two of the most extended path relinking variants: interior path relinking and exterior path relinking. Additionally, the proposal is adapted to a multi-objective perspective for finding a good approximation of the Pareto front. Computational results prove the superiority of the proposed algorithm over the best procedures found in the literature.