The interactions taking place in the enantiomeric separation of the antiepileptic drug licarbazepine by Electrokinetic Chromatography (EKC) using two carboxyethylated cyclodextrins (CE-CDs) (CE-β-CD and CE-γ-CD) as chiral selectors were investigated in this work to intend to explain the reversal in the enantiomer migration order observed depending on the CD. As these CDs were mixtures of isomers, only apparent and estimated association constants for enantiomer-CD complexes could be calculated based on EKC experiments, which agreed with the enantiomer migration order observed for CE-β-CD but not for CE-γ-CD. Additional experiments were carried out using NMR to study the stoichiometry of the complexes formed, their association constants and their structure. The construction of the corresponding Job plots, from 1H NMR titrations and intermolecular NOE interactions (between some of licarbazepine’s aromatic protons and the internal hydrogens of both CDs), permitted to conclude in the formation of 1:1 inclusion complex in both cases. Also, Scott plots for both systems were obtained showing a linear behavior for CE-β-CD while a non-linear behavior was observed for CE-γ-CD. As a result, only the apparent association constant for licarbazepine-CE-β-CD complexes was calculated (0.309 mM−1) (no significant differences between licarbazepine enantiomers were found in all NMR experiments). The structure of the complexes originated by licarbazepine and both CE-CDs was investigated. Insertion complexes were formed in each case, although some structural differences were noticed as the licarbazepine-CE-γ-CD complex would be less tight than that with CE-β-CD. Molecular dynamics (MD) simulations corroborated the structures derived from NMR results.