Scientific literature indicates that theory of mind (ToM) is less strongly associated with peer acceptance (PA) in the case of boys and the case of negative nominations. This study hypothesizes that these two effects of ToM on PA could be an epiphenomenon of counterfactual reasoning (CFR). Fifty-three 3-5-year-olds participated in this study. The results confirmed the hypothesis. When the total sample nominated, ToM made a significant contribution to explaining positive nominations, but not negative nominations, beyond age, language, gender and CFR. When separately considering the gender of the nominators, ToM accounted for a significant variance in positive nominations only when girls, but not boys, nominated. Furthermore, CFR was a significant predictor of social rejection beyond age, language and gender when the total sample nominated, as well as when each gender nominated separately. This study could contribute to a better understanding of the socio-cognitive genesis of PA. Practical implications are discussed.