In this article, mentors' perceptions of paired practicum in initial teacher education in Sweden are studied. Taking the mentors' perspective, we describe the potentials and the pitfalls of paired practicum. The pros and cons of the model are analyzed from a perspective of learning the vocation of teaching as a two-sided endeavor. Inspired by a modified Aristotelian perspective, we use the terms participant knowledge and spectator knowledge to conceptualize the learning of two different forms of knowledge. Qualitative data were gathered through interviews with five mentors and analyzed using an abductive process. The analysis reveals that paired practicum facilitates a potential for learning mainly a distanced and propositional spectator knowledge while the learning of a contextual and practical participant knowledge seems to be obstructed. For instance, paired practicum seems to prolong the peripheral position of the students and their opportunities to gain participatory knowledge. Results also show that there is a discrepancy between the pedagogical intentions of paired practicum and the concrete possibilities for realizing these in practice. The limitations of the paired practicum model, and how these can be overcome, both at individual and organizational level, are highlighted.