Visual perception changes as a function of hand proximity. While various theoretical accounts have been offered for this alteration (attentional prioritisation, bimodal cell involvement, detailed evaluation, and magnocellular neuron input enhancement), the current literature lacks consensus on these mechanisms. The purpose of this review, therefore, is to critically review the existing body of literature in light of these distinct theoretical accounts. We find that a growing number of results support the magnocellular (M-cell) enhancement account, and are difficult to reconcile with general attention-based explanations. Despite this key theoretical development in the field, there has been some ambiguity with interpretations offered in recent papers, for example, equating the existing attentional and M-cell based explanations, when in fact they make contrasting predictions. We therefore highlight the differential predictions arising from the distinct theoretical accounts. Importantly, however, we also offer novel perspectives that synthesises the role of attention and neurophysiological mechanisms in understanding altered visual perception near the hands. We envisage that this theoretical development will ensure that the field can progress from documenting behavioural differences, to a consensus on the underlying visual and neurophysiological mechanisms.