Reciprocity is a foundational concept in service-learning and community engagement, yet it is frequently referred to in the literature without precise conceptualization or critical examination, in effect suggesting a shared understanding of the concept among practitioners and scholars. However, understandings and applications of the term vary widely, and unexamined or unintentionally differing conceptualizations of reciprocity can lead to confusion in practice and can hinder research. This article examines meanings of reciprocity from multiple perspectives and highlights the larger implications of how we characterize the concept in research and practice, using the method of concept review. In this concept review we examine the ways in which the concept of reciprocity has been and could be produced and given meaning within the existing body of service-learning and community engagement literature and in other disciplines and epistemologies (e.g., philosophy, evolutionary biology, leadership, Indigenous meaning-making). Central to this concept review is the goal of distinguishing broad categories of meaning so that we and our community engagement colleagues might be able to make more explicit our position with regard to the specific meanings of reciprocity we intend, which in turn can inform our development of research constructs, practices, and interpretations.