Protein folding and unfolding experiments are interpreted under the assumption of microscopic reversibility, that is, that at equilibrium one process is the reverse of the other. Single‐domain proteins illustrate the validity of such an interpretation, although reversibility does not necessarily hold under the different conditions typically used for folding and unfolding experiments. In fact, more complex proteins, which often exhibit irreversible unfolding, are generally considered not amenable to folding kinetics studies. Here, the X11 PDZ1‐PDZ2 tandem repeat allows us to reveal the different folding and unfolding pathways at play under different experimental conditions, thus reconciling the apparent contradiction between theory and experiment.