Despite its popularity, authentic leadership remains enigmatic, with both advantages and disadvantages. The connection between authenticity (an internal process) and leadership (an external influence process) is complex. We introduce a theory that connects these processes through self-regulation, suggesting that authenticity results from managing multiple identities regulated by factors such as active self-identity. Using ironic processes theory, we propose a model that encourages leaders to focus on their active self rather than suppressing misaligned aspects. We present authenticity as a dynamic process, adaptable across individual, relational, and collective levels, with self-identity shifting contextually. This perspective offers insights into developing leader authenticity, addresses the limitations of the authentic leadership approach, and provides a roadmap for future research.