In this paper, we draw on the concepts of figurations, capital, and hegemonic masculinity to analyse a bullying relation involving two fifth-grade boys at a Swedish comprehensive school. The findings are based on ethnographic fieldwork, which included participant observations and group interviews with eight teachers and fourteen students (seven girls and seven boys) from the same class. Our findings demonstrate the complexity of the relation between the boys and suggest that rather than constituting a straight-forward bullying "situation" involving a problematically aggressive 'bully' targeting a less powerful 'victim', it is part of a more complex "figuration" involving interdependent social relations that are tenuously balanced in terms of power dynamics and where the boys position themselves and are positioned in relation to the long-term symbolic norms of status dominant within their specific school field.