Ten pre-service teachers enrolled in a four-semester, consecutive Bachelor of Education degree program emerged as leaders within their cohort when they participated in an opt-in, extracurricular project focused on social emotional learning. To understand and support these emergent leaders, six faculty members from two Ontario teacher education programs investigated the Community of Practice Teacher Identity Leadership Model (CoPTLM) put forward by Campbell et al. (2022). The CoPTL theoretical model depicts teacher leadership (TL) as embodying competences, performances, recognition, and the teacher lens. The theory further positions TL as a set of practices that are influenced by social structures, which are unique to each teacher leader, based upon their unique dispositions and diverse contexts. Our research first establishes the synergy and usefulness of the CoPTL model (originally developed with in-service teachers) as applied to the experiences of the ten pre-service teacher leadership participants. Second, it seeks to further build upon the model by amplifying Campbell et al. (2022)’s emphasis on social justice and equity, and by bringing to the forefront some of the key themes that surfaced as part of the social emotional learning project. Therefore, this research ultimately puts forth a theory of pre-service TL, coined as the Pre-Service Teacher Leader Identity in Well Communities of Practice Model (PTLI-WCoP). The PTLI-WCoP theory, which is based upon Campbell et al.’s (2022) model, (a) incorporates visual refinements to illustrate and highlight the unique nature of pre-service teachers’ enactment of TL; (b) integrates social justice and equity within the framework; (c) intensifies the importance of self-awareness within the model; and (d) explicitly recognizes the relationship between TL and wellness.