The influence of water as a cosolvent and catalyst of the isomerization of α-pinene in a supercritical aqueous-alcoholic (ethanol) solvent was studied experimentally. At T = 657 K and p = 230 atm, an increase in the concentration of water in the reaction mixture was found to increase the rate of the reaction and its selectivity with respect to the desired product, limonene. Water exhibited the properties of an acid catalyst because of its ionization. Mathematical experimental data processing was performed to evaluate and separate the contributions of the radical and ionic paths to the total rate of the reactions that occurred during the thermal isomerization of α-pinene.