Abstract The findings of livelihood research on the role of artisanal fishing among rain forest communities in eastern Peru are reported. In‐depth household surveys conducted in three communities along the Ucayali River (n = 68 households) and four communities on the Marañón River (n = 87) provided data on resource use, income generation, asset holdings and household coping strategies in the face of two common shocks – illness and major floods. Results indicated the high economic importance of artisanal fishing, with considerable specialisation evident in fishing at the household and community levels. When faced with adversity, forest people in the Upper Amazon turn more to the floodplain (to fish) than to the rain forest (to hunt or extract forest products) to cope with major shocks. It appears that floodplain fisheries are an important safety net for forest people living along rivers in humid tropical environments.