This study analyzes academics’ perceptions of pedagogical knowledge in initial teacher education at a private university in Chile. Adopting a qualitative case study design, interviews were conducted with teacher educators and program administrators. The data revealed two main categories: “Body of Accumulated Knowledge” and “Producers of Pedagogical Knowledge.” The first category encompasses practical-reflective, axiological, and theoretical-disciplinary knowledge, emphasizing the importance of integrating theory, values, and critical practice in teaching. The second highlights the role of universities in the construction of knowledge, identifying an epistemological crisis linked to standardized educational policies. The findings underscore the need for in-depth reflection to adapt pedagogical knowledge to contemporary challenges, fostering a critical and adaptive teacher education.