This letter is an investigation of the pion form factor utilizing recently developed effective field theory techniques. The primary results reported are: Both the transition and electromagnetic form factors are corrected at order $Λ/Q$. However, these corrections only arise due to time ordered products which are sensitive to soft components of the pion. The usual higher twist wave function corrections contribute only at order $Λ^2/Q^2$, when the quark mass vanishes. In the case of the electromagnetic form factor the $Λ/Q$ power correction is enhanced by a power of $1/α_s(Q)$ relative to the leading order result of Brodsky and Lepage, if the scale $\sqrt{ΛQ}$ is non-perturbative. This enhanced correction could explain the discrepancy with the data.

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