Pervious concrete, which has recently found new applications in buildings, is both energy- and carbon-intensive to manufacture. However, similar to normal concrete, some of the initial CO2 emissions associated with pervious concrete can be sequestered through a process known as carbonation. In this work, the theoretical formulation and application of a mathematical model for estimating the carbon dioxide (CO2) sequestration potential of pervious concrete is presented. Using principles of cement and carbonation chemistry, the model related mixture proportions of pervious concretes to their theoretical in situ CO2 sequestration potential. The model was subsequently employed in a screening life cycle assessment (LCA) to quantify the percentage of recoverable CO2 emissions—namely, the ratio of in situ sequesterable CO2 to initial cradle-to-gate CO2 emissions—for common pervious concrete mixtures. Results suggest that natural carbonation can recover up to 12% of initial CO2 emissions and that CO2 sequestration potential is maximized for pervious concrete mixtures with (i) lower water-to-cement ratios, (ii) higher compressive strengths, (iii) lower porosities, and (iv) lower hydraulic conductivities. However, LCA results elucidate that mixtures with maximum CO2 sequestration potential (i.e., mixtures with high cement contents and CO2 recoverability) emit more CO2 from a net-emissions perspective, despite their enhanced in situ CO2 sequestration potential.