AbstractConservation policies often promote land privatization to reduce incentives for deforestation. However, empirical evidence on the relationship between land‐tenure form and forest conservation outcomes is inconclusive. We combined key informant mapping and geospatial analyses to test the association between the area under tenure and the area deforested by extra‐local private and local nonprivate agents in the Argentine Dry Chaco over four decades (1976–2016). The study area is a typical commodity production frontier within a global deforestation hotspot. We found a strong spatial and temporal coupling between the area under tenure and the area deforested by extra‐local private agents from 1987 to 2006, when a 59% increase in the former was accompanied by a 508% increase in the latter. Local private agents maintained high levels of forest cover, similarly to local nonprivate agents. Our findings have implications for the adaptive design of the Forest Law in the Argentine Dry Chaco.