The potential occurrence of internal parametric resonance phenomena has been recently indicated as a potential contributory cause of the appearance of critical dynamic states in long-span suspension bridges. At the same time, suspension bridges, in view of their flexibility, are prone to aeroelastic response, such as vortex shedding, torsional divergence and flutter. In this paper, a non-linear dynamic model of a suspension bridge is devised, with the purpose of providing a first attempt toward a unified framework for the study of aeroelastic and internal resonance instabilities. Inspired by the pioneering work of Herrmann and Hauger, the analyses have been based on a linearized formulation that is able to represent the main structural non-linear effects and the coupling given by aerodynamic forces. The results confirm that the interaction between aeroelastic effects and non-linear internal resonance leads to unstable conditions for wind speeds which can be lower than the critical threshold for standard aeroelastic predictions.