This paper reports on a classroom-based inquiry that investigates university students’ learning experiences in a peer collaborative translation activity in a language classroom. Drawing on qualitative research data from in-depth interviews, observational notes, and written reflections, the study shows that the students fostered their metacognitive knowledge and strategies through a systematic process of text selection and translation, peer review, class conferencing, as well as individual revisions and reflections. Such metacognitive experiences deepened their autonomous, analytical thinking and promoted their language awareness and translation skills. However, some challenges (i.e., limited English proficiency and a lack of individualized support) arose when the students engaged in the activity. This study provides pedagogical implications on how to incorporate a metacognitive focus into classroom teaching.