Self-regulation and learning are fundamentally dynamic phenomena that occur at the within-person level and unfold over time. However, the majority of the extant empirical research on self-regulated learning has been conducted at the between-person level, which can obscure the true nature of interrelationships among self-regulatory mechanisms. In the present study, we seek to advance a more nuanced view of the role of self-regulation in modern training and development by presenting a novel theoretical perspective that integrates cognitive, motivational, and behavioral mechanisms central to the literature on active learning with the more dynamic theoretical principles and mechanisms underlying stage-based cognitive models of skill acquisition. Hypotheses derived from this model were tested in a laboratory study with 305 participants who practiced a dynamic computer game involving strong cognitive and perceptual-motor demands. Bivariate cross-lagged latent growth models generally supported the proposed model, revealing systematic trends over the course of practice consistent with a series of iterative, bidirectional, and self-correcting reciprocal interrelationships among self-efficacy, metacognition, exploratory behavior, and practice performance. Collectively, these findings suggest that strong positive interrelationships among self-regulated learning variables at the between-person level may, in some cases, actually belie the true nature of their functional effects. Implications for theory and practice are discussed.