We perform a systematic study of models involving leptoquarks and diquarks
with masses well below the grand unification scale and demonstrate that a large
class of them is excluded due to rapid proton decay. After singling out the few
phenomenologically viable color triplet and sextet scenarios, we show that
there exist only two leptoquark models which do not suffer from tree-level
proton decay and which have the potential for explaining the recently
discovered anomalies in B meson decays. Both of those models, however, contain
dimension five operators contributing to proton decay and require a new
symmetry forbidding them to emerge at a higher scale. This has a particularly
nice realization for the model with the vector leptoquark $(3,1)_{2/3}$, which
points to a specific extension of the Standard Model, namely the Pati-Salam
unification model, where this leptoquark naturally arises as the new gauge
boson. We explore this possibility in light of recent B physics measurements.
Finally, we analyze also a vector diquark model, discussing its LHC
phenomenology and showing that it has nontrivial predictions for
neutron-antineutron oscillation experiments.