An attempt is made to re-contextualize the study of political terrorism by embedding it within the larger phenomenon of Collective Action. It is suggested that a process-sensitive analysis of the interplay among the components of Collective Action (action context, action target, action means and action agent) can be beneficial for gaining insights into the study of group risks for political terrorism. The case of the conflict between the Tanzim and the Israeli forces is used to illustrate how processes within, between and outside the conflict parties affected the Tanzim members' decision to employ political terrorism. Based on the analysis, several implications for counterterrorism are offered.