A number of investigators have attempted to identify the determinants of continued participation in exercise regimens. Within a social cognitive framework, the present study examined the relationships among self-efficacy cognitions, perceptions of success, and multidimensional intrinsic motivation in the exercise domain. Multivariate analyses of variance indicated that highly efficacious individuals were more intrinsically motivated toward aerobic dance than were their less efficacious counterparts. However, multiple regression analyses revealed both perceptions of success and self-efficacy to account for significant variance in intrinsic motivation at both the composite and dimensional levels. Moreover, perceptions of success were considerably stronger predictors than were efficacy cognitions. The results are discussed in terms of the need for multiple measures of perceived success, the employment of longitudinal designs to determine the direction of causality among these variables, and possible implications for adherence issues.