This chapter delves into business model innovation (BMI) as a key area of innovation research. It explores the role of theoretical lenses in understanding BMI. Reflecting its complexity and evolving nature, BMI has been examined through multiple perspectives. The theoretical underpinnings that inform BMI include dynamic capabilities, the knowledge-based view, and the recombination perspective. The chapter analyzes recent empirical findings and conceptual advances, emphasizing how different theories have been applied—and continue to be applied—to explain the BMI phenomenon. The chapter further argues that BMI serves as a promising bridge between theory and practice due to its applicability across sectors and its role in strategic renewal. The chapter also identifies critical tensions and open questions in the literature, pointing to avenues for future research and the potential for integration with broader innovation frameworks.