Proteins composed of tetratricopeptide repeat (TPR) arrays belong to the α‐solenoid tandem‐repeat family that have unique properties in terms of their overall conformational flexibility and ability to bind to multiple protein ligands. The peroxisomal matrix protein import receptor Pex5 comprises two TPR triplets that recognize protein cargos with a specific C‐terminal Peroxisomal Targeting Signal (PTS) 1 motif. Import of PTS1‐containing protein cargos into peroxisomes through a transient pore is mainly driven by allosteric binding, coupling and release mechanisms, without a need for external energy. A very similar TPR architecture is found in the functionally unrelated TRIP8b, a regulator of the hyperpolarization‐activated cyclic nucleotide‐gated (HCN) ion channel. TRIP8b binds to the HCN ion channel via a C‐terminal sequence motif that is nearly identical to the PTS1 motif of Pex5 receptor cargos. Pex5, Pex5‐related Pex9, and TRIP8b also share a less conserved N‐terminal domain. This domain provides a second protein cargo‐binding site and plays a distinct role in allosteric coupling of initial cargo loading by PTS1 motif‐mediated interactions and different downstream functional readouts. The data reviewed here highlight the overarching role of molecular allostery in driving the diverse functions of TPR array proteins, which could form a model for other α‐solenoid tandem‐repeat proteins involved in translocation processes across membranes.