We consider a multipair massive multiple-input multiple-output (MIMO) two-way relaying system, where multiple pairs of single-antenna devices exchange data with the help of a relay employing a large number of antennas N. The relay consists of low-cost components that suffer from hardware impairments. A large-scale approximation of the spectral efficiency with maximum ratio processing is derived in closed form, and the approximation is tight as N -> infinity. It is revealed that for a fixed hardware quality, the impact of the hardware impairments vanishes asymptotically when N grows large. Moreover, the impact of the impairments may even vanish when the hardware quality is gradually decreased with N, if a scaling law is satisfied. Finally, numerical results validate that multipair massive MIMO two-way relaying systems are robust to hardware impairments at the relay.