This paper is devoted to the analysis of thermoelectric cooling phenomena in semiconductors containing potential barriers (p-n-junction). The formulation of an adequate self-consistent theoretical model describing the effect is presented. The role of the recombination rate in lineal approximation of the electric current leads to a new formulation of the set of equations describing the Peltier effect that is discussed in detail. The importance of re-distribution of non-equilibrium charge carriers, which has been ignored in most of the publications on this subject, is also shown. Moreover, it is proved that the conventional theory of thermoelectric cooling, which does not take into account the influence of non-equilibrium charge carriers, is not correct in general. In the present work, it is demonstrated that the Peltier effect strongly depends on the recombination rate. In particular, it is shown that the sign of the Peltier effect changes with the value of the recombination rate.