It was recently proposed that tunneling current fluctuations in electrochemical scanning tunneling microscopy (EC-STM) can be used to map the electrocatalytic activity of surfaces with high spatial resolution. However, the relation between the increased noise in the electron tunneling signal and the local reactivity for such complex electrode/electrolyte interfaces is only explained qualitatively or hypothetically. Herein, we employ electron transport calculations to examine tunneling at Pt surfaces under the conditions of the oxygen reduction reaction as a case study. By computing current–voltage characteristics, we reveal that the tunneling barrier strongly depends on the chemical identity of the adsorbed reaction intermediate as well as on the orientation of the average dipole moment of water species mediating electron tunneling. Our theoretical results combined with EC-STM measurements suggest that detecting reaction intermediates at electrified interfaces in operando conditions is possible based on tunneling noise amplitudes. This study also aims to stimulate further explorations of tunneling-based electron-proton transfers to enable quantum electrocatalysis beyond conventional approaches.