Small-scale artisanal fisheries perform great economic, social, cultural, and ecological roles worldwide. For fishers in adverse scenarios, resorting to alternatives such sustainable tourism is widely proposed. In this study, we investigate the long-term sustainability (1998–2020) of a small-scale artisanal fishery in Northeast Brazil, where transformations including intense coastal development, the establishment of a marine protected area, and the expansion of tourism occurred in addition to the region’s economic growth and the global trend of technological advancements. This study aims to understand how this fishery has changed over the last two decades while investigating a range of possible threats for its survival. Results demonstrated the impacts of technological innovation on fishing practices, such as the use of spearguns and small outboard motors; an increase in opportunistic fishing associated with a growing coastal population; fading of certain traditional fishing practices that often require fishers with greater experience; a shift for a fishery made up of more opportunistic amateur fishers, as artisanal, small-scale fishers switched to other income sources such as tourism. Although there are benefits from those transformations, which include the possibility of an alternative source of income and the use of technology, fisheries traditions have been affected negatively in terms of social and cultural aspects, and traditional fishing communities are left vulnerable in the absence of national fishery monitoring programs, reliable fishing data, and institutional instability. Local initiatives and empowerment of traditional fishing communities to strengthen fisher identity and participation in fisheries policy decision-making should be strongly encouraged.