Modern computer networks support interesting new routing models in which traffic flows from a source s to a destination t can be flexibly steered through a sequence of waypoints, such as (hardware) middleboxes or (virtualized) network functions (VNFs), to create innovative network services like service chains or segment routing. While the benefits and technological challenges of providing such routing models have been articulated and studied intensively over the last years, much less is known about the underlying algorithmic traffic routing problems. This paper shows that the waypoint routing problem features a deep combinatorial structure, and we establish interesting connections to several classic graph theoretical problems. We find that the difficulty of the waypoint routing problem depends on the specific setting, and chart a comprehensive landscape of the computational complexity. In particular, we derive several NPhardness results, but we also demonstrate that exact polynomialtime algorithms exist for a wide range of practically relevant scenarios.