Coexistence theory (CT) in community ecology provides a functional perspective on how multiple competing species coexist. Here, I explore CT’s usefulness for understanding conflict and coexistence among human groups with diverse livelihood interests in shared resources such as fisheries. I add three concepts from social science research on coexistence: adaptability, pluralism, and equity and apply this expanded theoretical framework to the case of salmon fisheries in Alaska’s Cook Inlet, synthesizing catch records with anthropological research. The analysis addresses issues of inequity, such as who bears the costs of conservation measures, a lack of pluralism, in that people have come to devalue their neighbors, and a decline in resilience for some sectors, all of which undermine the likelihood of these groups continuing coexistence. I discuss policy options for addressing escalating conflict in the region, such as improving equity in management and the resilience of some fishing groups to temporary closures. Finally, I discuss points of engagement for CT with other areas of sustainability science such as resilience thinking.