This article describes the process and outcome of a qualitative exploration of group co-leader relationships over a 16-week period. Results from this investigation generated theoretical conceptualizations regarding how co-leaders experience and perceive their relationships as they lead groups. The descriptions of these co-leaders illuminated the influences of complex reflective processes on co-leader reactions and interactions and on processes in which co-leaders engage to evaluate the quality of their relationships. Five themes emerged in the data relative to group co-leader relationship development. These themes are outlined, their implications for group leadership training and supervision are discussed, and research areas are suggested for future study.