The objective of this paper is to investigate the impact of hand-held cell phone conversation on pedestrians’ traffic and safety behavior, when crossing signalized intersections. An outdoor-environment experiment, through video recording, was conducted in real road conditions, in three signalized intersections at the center of Athens in order to compare the behavior of distracted and non-distracted pedestrians. Multiple linear regression models were developed to define the influence of cell phone distraction on pedestrians’ speed. Furthermore, binary logistic regression models were developed to determine the relationship between cell phone distraction and pedestrians’ safety characteristics in terms of near misses. The results of the developed statistical models demonstrated that distraction caused by hand-held cell phone conversation had a negative impact on pedestrians’ main traffic and safety characteristics as mobile phone use not only decreases pedestrians’ speed but also increases their probability of being involved in a road crash with an oncoming vehicle.