This article presents an empirical study that delves into the complex dynamics of business–society relationships in fragile postconflict contexts. It addresses a crucial question: How does the interpretation of peace shape business-for-peace agendas? Our qualitative case study of Colombia, involving 41 stakeholder interviews and document analysis, focuses on the department of Antioquia. This region is undergoing a transformative process through the Development Programs with a Territorial Approach, known as PDET. These instruments aim to stabilize and transform conflict-affected regions, thereby contributing to peacebuilding in the country. Our findings reveal three distinct types of business-for-peace agendas, each rooted in different interpretations of peace: those that are direct, indirect, or independent from the government peace agendas. We propose an approach for tracing peace polysemy and establishing a minimal convergence between peace agendas, offering practical implications for decision-makers. We contribute to business and peace studies and identify promising avenues for future research.