A re-keyable lockset that employs pairs of first and second pins. Coupling of the first and second pins to one another defines a key profile for a mating key. A second key with a different key profile may be installed to the lockset when the first and second pins are uncoupled from one another. Thereafter, the first and second pins may be re-coupled to one another to define the key profile of a new mating key. A method for re-keying a lockset is also provided.