Several papers have been written on the experiences, successes and challenges facing compensation schemes for wildlife, some of whom criticize the strategy while others support it. What is clear among the Maasai is that the burden of conserving wildlife, particularly predators that roam freely on their land and predate upon their livestock, is too great to bear: support in terms of financial compensation and mitigation strategies to reduce socio-economic loss from livestock deaths would help communities tolerate predators, and discourage some among them to kill carnivores in retaliation. Such programs in the Amboseli ecosystem are critical for the long term future of wildlife conservation. The Mbirikani Predator Compensation Fund (MPCF) is such a compensation scheme administered by the Big Life Foundation since 2003. Data from Big Life Foundation’s monitoring records of compensation paid between 2008 and 2012 were analyzed in order to establish insights into the pattern and cost of predation in the Amboseli ecosystem. Results show that predation has been increasing with time, especially in recent years and during droughts; it is widespread across the Amboseli Ecosystem, but the frequency and intensity is higher near protected areas. The most common predators in the area studied are hyena, jackal, cheetah, lion and leopard; hyenas are the major predators, targeting all livestock types, while lion primarily target cattle. Between 2008 and 2012, more than KSh28 million was spent on compensation for over 9,000 livestock killed in bomas only. Poor Maasai homestead (boma) maintenance encouraged predation further. We recommend the compensation scheme to continue so that it cushions the Maasai from predation costs. Also, current measures of predation prevention such as improved livestock husbandry, construction of predator proof fences, and vigilance at night by the Maasai (especially the morans) should be encouraged, as it is within the MPCF. Benefit systems that complement predator compensation, such as generation of local employment, educational opportunities and involvement in carnivore conservation strategies, will help to conserve predators in the Amboseli ecosystem. Key words: Amboseli ecosystem, human-carnivore conflict, compensation scheme, cost of conservation.