The link between physical activity and weight loss has precipitated interest in interventions to foster adherence to exercise. It has been suggested that treatment effects, when significant, should be analyzed to determine theory-based mediators. This research assessed possible mediation of changes in Physical Self-Concept, Exercise Self-Efficacy, Total Mood Disturbance, and Body Areas Satisfaction scores on the relationship between exercise session attendance and participation by obese women in a 6-month treatment based on tenets of social cognitive theory (n = 73) or a control condition (n = 64). Participation in the treatment was associated with significantly greater exercise session attendance and significantly greater improvements in Physical Self-Concept, Exercise Barriers Self-Efficacy, and Body Areas Satisfaction. Overall, changes in the assessed psychological factors demonstrated significant mediation of the association between group membership and exercise session attendance, R[superscript 2] = 0.23, with only change in Physical Self-Concept scores providing a significant unique contribution. Extensions of this research across different sample types, and with longer durations, were suggested to refine theory and, ultimately, improve exercise adherence treatments. (Contains 1 figure, 1 table, and 3 notes.)