The catalytic behaviour of ‘ligandless’ palladium(II) acetate in the Heck arylation reaction of iodobenzene with methyl acrylate is examined at (ultra-)low catalyst loadings using in situ spectroscopy. The study reveals two distinctive kinetic regimes with distinct Pd orders. A simplified microkinetic model revealed the presence of at least two kinetically competent catalysts, represented by a monomeric (Pd1) and dimeric (Pd2) species. The relative catalytic activity and deactivation rates for both species can also be estimated from the experimental results. This work provides direct kinetic evidence that a higher-order Pd species can be more active than a monomeric species, and the key role played by catalyst deactivation, particularly at higher catalyst loadings. This implies that lowering the catalyst loading may be an effective strategy to combat catalyst deactivation without necessarily incurring significant deterioration in reaction rate.