Defined as a mental framework for how individuals interpret and respond to achievement situations, learning goal orientation (LGO) has received increasing attention in organisational research. However, its effect on leadership, especially in contexts absent of formal leadership, remains understudied. Drawing on social exchange theory, we propose and test an individual‐level two‐stage process model of generalised exchange linking LGO and leadership recognition in self‐managed teams. Specifically, we posit that learning‐oriented individuals will tend to feel safer in self‐managed teams, which will enable and sustain their engagement in contextual role behavior. Such behavior, in turn, will be reciprocated with recognition of these individuals as leaders. We use a multiphase, multi‐informant approach (n = 287), and we find that felt safety mediates the effect of LGO on contextual role behavior, but that contextual role behavior alone does not mediate the effect of LGO on leadership recognition. LGO has an indirect effect on leadership recognition through the joint mediation of felt safety and contextual role behavior. Our results offer insight on the link between LGO and leadership, with practical implications for people working in self‐managed teams.