An experimental and theoretical study of a complex electrochemical mechanism at three-phase and thin organic film-modified electrodes, where the coupled electron–ion transfer reaction is complicated by complexation reaction of the transferring ion, is reported. The transfer of monovalent and divalent cations across water|nitrobenzene interface, coupled with the complexation reactions with the ionophore valinomycin, is studied. Both types of electrodes are assembled of an edge plane pyrolytic graphite electrode modified with a nitrobenzene solution of lutetium bis(tetra-tert-butylphthalocyaninato) as a redox mediator and valinomycin as an ionophore. The reversible redox transformations of the redox mediator to either a monovalent hydrophobic anion or cation serve to drive the ion transfer across the liquid|liquid interface. In contact of the modified electrode with an aqueous electrolyte containing alkali or earth alkaline metal cations, significant partition of the aqueous electrolyte is taking place, due to the interfacial complexation of the cation with valinomycin. Thus, the thermodynamics and kinetics of the interfacial complexation–partition reaction at the liquid|liquid interface affect markedly the overall electron–ion transfer reaction at the modified electrodes under voltammetric conditions. Experiments are qualitatively compared with theoretical data collected by simulation of two different electrochemical mechanisms coupled with chemical reactions under conditions of square-wave voltammetry. It has been concluded that the overall electrochemical mechanism at three-phase electrodes can be described as a specific CrE reaction scheme, where Cr represents the reversible interfacial complexation–partition reaction of the transferring ion with valinomycin at the liquid|liquid interface.