Against the backdrop of current sustainability problems, various social innovations for sustainable consumption are emerging across the globe. In order to explore the sustainability potentials of such initiatives, it is vital to understand (1) why consumers are accepting and joining these initiatives and (2) how they perceive the sustainability potentials of initiatives’ offers. In order to correctly estimate the sustainability potential of the initiatives, one should consider possible negative sustainability impacts as well as rebound effects alongside all the positive sustainability effects. Moreover, studies on social innovations for sustainable consumption have mostly been conducted in the context of the Global North. This paper focuses on studying and understanding the current situation of social innovations for sustainable consumption and its sustainability potentials in Tehran, Iran. A qualitative explorative study was conducted using desk research as well as semi-structured in-depth interviews with Iranian consumers. The results of this study confirm the existence of growing supply and demand trends for such initiatives in Iran. Among the different initiatives, those that are copies of international companies or offering alternative mobility solutions seem to have more chances for diffusion, as consumers are more motivated to use their offers. The sample of this study believed that by joining these initiatives, they could contribute to achieving greater sustainability. However, the results of the interviews also show that the possible negative sustainability and rebound effects of their engagement in such initiatives were often neglected. Therefore, there is still a need not only for educating consumers about the overall sustainability potentials of these initiatives but also for exhibiting the sustainability impacts that their consumption behaviors regarding the use of initiatives’ offers can have. This way, these initiatives can be more successful in terms of contributing to sustainability.