A focus on the interaction between cognitive schemas and context in situ has been suggested as fundamental in organizational decision making and information interpretation. Past research suggests that the situation and the social interaction that occur during learning at the cognitive level consist of factors that affect the process, but the research lacks a coherent explanation for how those factors affect it. We propose a conceptualization of learning, termed situated learning, which accounts for these factors. By drawing on situated cognition theory, social learning theory, and the theory of mental models, we identify and measure four components of situated learning, that is, thematic focus, cognitive absorption, social structure, and participation. Among the most important lessons for researchers and practitioners is the need to consider learning as a constellation of the four components instead of an indivisible phenomenon. This perspective can enhance our understanding of cognitive processes, such as information interpretation and decision making.