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Additive manufacturing (AM) of metals often results in parts with unfavorable mechanical properties. Laser peening (LP) is a high strain rate mechanical surface treatment that hammers a workpiece and induces favorable mechanical properties. Peening strain hardens a surface and imparts compressive residual stresses improving the mechanical properties of a material. This work investigates the role of LP on layer-by-layer processing of 3D printed metals using finite element analysis. The objective is to understand temporal and spatial residual stress development after thermal and mechanical cancellation caused by cyclically coupling printing and peening. Results indicate layer peening frequency is a critical process parameter affecting residual stress redistribution and highly interdependent on the heat generated by the printing process. Optimum hybrid process conditions were found to exists that favorably enhance mechanical properties. With this study, hybrid-AM has ushered in the next evolutionary step in AM and has the potential to profoundly change the way high value metal goods are manufactured.