Spatially explicit population dynamic models have been successfully used to explore management scenarios in terms of pest suppression across a wide range of systems. However, the economic implications of pest management, particularly in the case of biological control and non-crop management strategies, have not been well considered. A bioeconomic spatially explicit simulation model was developed, that integrates models of pest population dynamics, pest movement and economics of management. The utility of the model is demonstrated here usingNysius vinitor, a pest of grain crops in Australia. The model estimates the short- and long-term economic benefits of three pest management strategies: (1) in-field pesticide spray; (2) pest suppression through weed management in non-crop habitat; and (3) bolstering biocontrol through revegetation with, or maintenance of, native vegetation. Across all management types, high yield and low relative management cost resulted in a greater chance of a gross profit. The impacts of the pests themselves were shown to be non-linear, with an intermediate level of pest pressure maximizing the economic gain from management. Pest dispersal capacity influenced the profitability of management of non-crop vegetation, with lower pest dispersal resulting in a greater likelihood of benefit, as benefits from non-crop management are localized (e.g., increased beneficial insect populations). In an intensively cropped landscape, pesticide management was most profitable over the short-term. Once a 10-year horizon was reached, then the profitability of revegetation was greater and continued to increase. While weeding requirements are low, it is likely to always be profitable in the long-term to maintain or restore native vegetation in good condition to control this pest in an intensively cropped landscape. Using pesticide alongside revegetation gave some short-term gain, but the negative impact of pesticide on beneficials outweighed the benefit and in the long-term it is less profitable. These results do not hold in a low production landscape, due to increased pest pressure and costs of managing non-crop habitat. In summary, when quantified over a 10–20 year time horizon, revegetation or conserving native remnants in good (i.e., non-weedy) condition could be economically more beneficial to control an insect pest than ongoing pesticide use, in intensively cropped landscapes.