By a combination of methods involving enzyme-catalyzed reactions and classical iodination techniques it has been possible to obtain all the relevant rate constants for the uncatalyzed interconversion of dihydroxyacetone phosphate and D-glyceraldehyde 3-phosphate via their common enediol intermediate. These rate constants are compared with those for the individual steps of the triosephosphate isomerase catalyzed reaction, and a quantitative picture of the effectiveness of the enzyme as a catalyst has been delineated. It is apparent that the enzyme increases the enolization rate of dihydroxyacetone phosphate by a factor of more than 10(9) over that of the uncatalyzed reaction.