This theoretical paper investigates a proposed link between self-regulated learning (SRL) and off-task thought by applying the COPES model of SRL. Although previous work suggests learners’ thoughts drift off task quite often, there has been little theorizing to date about how they react once they realize they are no longer on task. Here, we suggest that the metacognitive monitoring and control cycle that is integral to SRL may play a key role at this stage of the ‘mind wandering cycle’ through enhanced meta-awareness. Key concepts discussed include metacognition, meta-awareness, and the aspects of the COPES model. The paper seeks to clarify how learners’ self-regulatory abilities might affect their experiences of off-task thoughts through increased meta-awareness. It aims to lay a foundation for future research into the self-regulation dynamics that facilitate effective learning. Empirical studies are suggested to test the viability of this proposed connection between self-regulation processes and off-task thought experiences.