Social Entrepreneurship (SE) benefits the society by helping to achieve social and economic goals. SE is receiving scholarly attention around the globe but its development is still moderate in Pakistan. Despite the growing trend, the dominant focus of scholars remains the ideological debate about the meaning and definition of SE. Such an approach inhibits the exploration of its other facets. Casting the gap in literature, this paper aims to find out the challenges and prospects that social entrepreneurs face in their journey, specifically in Pakistan. Keeping in view the emerging importance of this sector, this study discusses the findings of 14 in-depth semi-structured interviews conducted with leading social entrepreneurs, practitioners and academicians related to the field to understand the phenomenon at hand. Drawing upon the findings of the study, useful insights have been put forth as its theoretical contribution. Moreover, local and national government can benefit from the findings to enhance consciousness regarding the fourth sector of the economy, eventually augmenting the available social capital.