The reaction rate vs time data of isotopic exchange reactions have been shown by previous work to obey a first-order rate law, neglecting differences in isotopic reactivity. A simple method, of use in reactions having complex mechanisms, is developed for relating this first-order rate constant to the rate constants of elementary steps in the process. The method involves examining the progress of specified atoms through the reaction sequence, and is applicable regardless of the number of exchange positions of the reactants, or of whether or not one isotope is present in tracer amounts. These results are used to reinterpret some data on the deuteration of diborane.