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Abstract In this chapter, the authors introduce a generative framework that can serve to interrogate theoretically and to explore empirically the varying tensional dynamics of leadership-followership as a relational co-creation. In so doing, they integrate concepts from the literatures of paradox, leadership, and identity to theorize four paradox-based configurations that consist of and vary in (1) the different paradox mindsets people bring to the tensions of the relation; (2) the differing characteristics of the lived experience of the leadership/followership co-creation as a consequence of that mindset; and (3) the varying impacts on relational identities and relational identifications of the participants in the co-creation. The authors propose that varying paradox (or non-paradox) mindsets shape the different ways in which organizational members attend to the tensions/paradoxes that arise in the co-creation of leadership/followership and how participants relationally define themselves in terms of that co-creation. Consequences of variations in the four configurations have theoretical and practical implications for the effectiveness of leadership/followership co-creations in both individual (e.g., attitudinal and behavioral) and collective (e.g., creative and innovative) outcomes of interest to organizations.