With this study, we explored an emerging type of surveillance, namely, peer-to-peer surveillance, in which individuals with lateral surveillance devices (e.g., smart glasses, wearable cameras) can stealthily observe others. Specifically, we investigated how, compared with centralized surveillance, peer-to-peer surveillance affects group satisfaction with group work and the processes of cognitive and affective appraisals. We developed our research model in the framework of stimulus-organism-response. In our experiment, we randomly assigned 60 three-member groups to one of three conditions (no monitoring, centralized monitoring, peer-to-peer surveillance) and conducted a group task. The results revealed that peer-to-peer surveillance influenced satisfaction with group work through mediators such as perceived surveillance (cognition) and stress (affect). By elucidating the significant roles of cognition and affect in the emerging pervasive surveillance, we contribute to understanding human responses to the risks caused by novel information and communication technologies.