This article deals with the potential of school-based teacher education for creating a professional community of learners. Learning to participate in the social and cultural practices with regard to education is assumed to be crucial for developing a professional identity as a teacher. From the perspective of socio-cultural theory, we have made a retrospective analysis of a project for collaborative school-based teacher education. The main research question was whether there was a stimulating context for student teachers to develop their own professional identity. To what extent were students able to function as "legitimate peripheral participants" in the school, and to what extent has a "professional community of learners" been realized? Finally, we reflect on the conditions in which teacher education can be centred on a specific school innovation project.