Lipedema is a painful, chronic and progressive disorder of subcutaneous adipose tissue characterized by disproportionate, symmetrical fat accumulation in the extremities—typically the legs and less often the arms—while sparing hands and feet. It is clinically distinct from obesity and lymphoedema, affects almost exclusively women, and often exacerbates during hormonal transition phases. This paper proposes a unifying pathophysiological concept in which lipedema reflects a regenerative imbalance of adipose tissue. A genetically and estrogen-modulated increase in endothelial permeability (“leaky vessels”) is suggested to activate perivascular/mural adipose-derived stem cells (ADSCs), thereby initiating coupled angiogenesis and adipogenesis. The stromal vascular fraction (SVF) is described as a central mediator, with SVF-derived extracellular vesicles and characteristic microRNAs promoting adipocyte hyperplasia and hypertrophy and leading to large, metabolically less active adipocytes. The organism attempts to counterbalance this surplus through inflammatory activation of mast cells and macrophages; however, inefficient clearance of excess adipocytes (including “crown-like” structures) sustains inflammation and pain. Progressive adipose expansion may compress lymphatic capillaries and precollectors, resulting in dermal and subdermal lymphatic congestion and contributing to oedema and symptom progression. Increased aromatase activity and local estrogen availability are discussed as additional amplifiers of adipogenesis and inflammatory remodeling. Finally, lymphatic-sparing liposuction is outlined as a mechanistically plausible intervention that can reduce tissue pressure, improve lymphatic drainage, and alleviate key symptoms.