The paper characterises the learning and teaching process with a focus on higher education and describes the basics of contemporary theories of learning and teaching. Against this conceptual background, the interweaving of performance indicators and theories and practice of learning and teaching is analysed. For a small, selected number of exemplary performance indicators, it is shown that they are justified by theories and practice of learning and teaching. The justification link between indicators and theories of learning and teaching is usually not a straightforward relation but a complicated material inference that is multifactorial on both sides, the premises and the conclusions of the inference. The analysis contributes to improve the understanding of the epistemological justification of performance indicators of learning and teaching.