This thesis develops and applies a technique for the simultaneous determination of P and S wave velocity models and hypocenters from a set of arrival times. The velocity models are parameterized in terms of cubic B-splines basis functions which permit the retrieval of smooth models that can be used directly for generation of synthetic seismograms using the ray method. In addition, this type of smoothing limits the rise of instabilities related to the poor resolving power of the data. V P/V S ratios calculated from P and S models display generally instabilities related to the different ray-coverages of compressional and shear waves. However, V P/V S ratios are important for correct identification of rock types and this study introduces a new methodology based on adding some coupling (i.e., proportionality) between P and S models which stabilizes the V P/V S models around some average preset value determined from the data. Tests of the technique with synthetic data show that this additional coupling regularizes effectively the resulting models.