We determine the low-energy dynamics of monopoles in pure N = 2 Yang-Mills
theories for points in the vacuum moduli space where the two Higgs fields a
re not aligned. The dynamics is governed by a supersymmetric quantum mechan
ics with potential terms and four real supercharges. The corresponding supe
ralgebra contains a central charge but nevertheless supersymmetric states p
reserve all four supercharges. The central charge depends on the sign of th
e electric charges and consequently so does the BPS spectrum. We focus on t
he SU(3) case where certain BPS states are realized as zero modes of a Dira
c operator on Taub-NUT space twisted by the triholomorphic Killing vector f
ield. We show that the BPS spectrum includes hypermultiplets that are consi
stent with the strong- and weak-coupling behavior of Seiberg-Witten theory.