Single-molecule (SM) chemistry is devoted to unravel reaction steps which are hidden in cuvette experiments. Controversies about the substrate activation during the Tsuji-Trost deallylation motivated us to study, on the single-molecule level, the kinetics of the catalyst precursor Pd(PPh 3 ) 4 with our recently designed two-color fluorescent probes. Photochemical, metal-free bypass reactions were found and taken into account by the combina-tion of spectrally separated single-molecule TIRF-microscopy and state-of-the art analysis procedures. Unselective π-complex formation (K D � 10 3 M À 1 ) precedes the insertion of the active catalyst into the CÀ OR bond (RO À = leaving group), indicated by the lacking immediate change of fluorescence color. The formed intermediate then decomposes on a time scale of � 2 -3 s to the deallylated product.