This article proposes a theoretical model to help understand the dynamics of organizational knowledge. While the choice of a model deeply influences the approach to a given problem and helps define the solution, at same time, the problem or situation studied determines the level of precision needed and facilitates the choice of a possible model. No single model exists to describe the entire set of a system's behaviors, since a complete model capable of responding with total precision to all possible simulations would be nothing more than a perfect reproduction of the studied system. In this way, it would be without any practical utility. Therefore, any non-trivial system would be better investigated by means of a group of almost independent models. The article presents a model that aims to contribute to the idea that Organizational Knowledge Management only makes sense if understood as a meta-process that defines the actions and supports the practices that improve a firm's knowledge policies and processes. In this way, the organizational knowledge allows the firm to seek sustainable competitive advantages and turn itself into a valuable and unique resource. This paper intends to contribute to the understanding of how Dynamic Capabilities make innovations possible (either technological or organizational changes) by: 1.) highlighting the importance of distinguishing Organizational Knowledge of first and second order; 2.) clarifying the relation between the KM and innovations, especially the organizational changes ones; and 3.) showing that Organizational Knowledge, understood as the producer of capabilities, is an important element of a firm's sustainability. As a suggestion for future scholarship, other researches could explore "if" and "how" the proposed model is capable of helping, effectively and sustainably, in the application of the KM meta-process, while allowing a firm to analyze regularly results as way to invigorate its Knowledge Processes and contribute to the organization's longevity.