Transnational situations are the image of the transnational law in action. This paper outlines the need of theorizing this transnational law in action. Such theory cannot neglect the transnational legal orders. The interaction between actors of private law and actors of public law is full of dynamics. Furthermore, the same interaction deploys beyond and across the territories of the nations-States altogether. Theorizing such interaction – the core of transnational law in action, involves, after all, the understanding of the transnational realities we are living.