Childhood obesity continues to be a major concern in the United States, warranting a comprehensive approach. However, the majority of research studies continue to neglect the influence of peers on dietary behaviors. The present descriptive study aimed to provide information about the ways peers directly shape dietary choices via food exchanges (i.e., sharing, trading, and stealing). Peer food exchanges were examined through daily observations in a sample of 76 fifth-graders. Peer food exchanges occurred among students, in particular, those who brought packed lunch engaged in more sharing exchanges. Obese students engaged in an increased amount of interactions in which they gained food from peers. Findings suggest that students are not always eating what their parents packed for them or the school lunch provides. Future intervention efforts should consider the role that peers play in shaping youth's dietary behavior through a peer food market economy.