This paper discusses the results of a qualitative study that examined the professional growth of undergraduate peer mentors as teacher leaders during an innovative Learning Community initiative designed for a teacher education program at the University of Saskatchewan. The paper describes the extent to which peer mentors exhibited characteristics of teacher leadership during the enactment of this role. Focus group and individual interview data were analyzed using a conceptual framework developed by Hunzicker (2012) that considers how teacher leadership is enacted in three areas: (a) participation in a professional community, (b) growing and developing professionally, and (c) demonstrating professionalism. The paper concludes by suggesting that the Learning Community's initiative provides an exciting opportunity to foster the development of teacher leadership for peer mentors during their undergraduate teacher education preparation.