ABSTRACT Large-scale land acquisitions in Africa are increasing, reported often as the transfers of land for food and biofuel crop production. Only reporting agricultural acquisitions underplays potential impacts of other forms of acquisitions like tourism and conservation, which are new engines for economic growth in Southern Africa. While this shift has complex social-ecological implications, there is limited evidence of the multiple ways that land acquisitions unfold in wetland ecosystems, and implications for people and nature. This study aims to investigate local perceptions of implications of land and water acquisitions on local livelihoods in the Okavango Delta, Botswana, using in-depth interviews with 116 local respondents in Etsha 6, Khwai and Tubu villages. Findings revealed that the primary drivers of land acquisitions in the Okavango Delta were tourism and subsistence agriculture, and a new and unique land exchange (we termed land borrowing) was prevalent in Tubu, involving the borrowing of farmland in flood recessions between locals. Concessions, borrowings, and rentals were key perceived land acquisition types. Both positive and negative impacts of land acquisitions on livelihoods surfaced. The diversity of cultural grouping influenced locals’ intricate connection with riparian waters and affected how land was exchanged and governed. The disparities in benefits from land resources have negative implications for equitable resource distribution and natural resource governance, in policy and practice. This research highlights the importance of an expanded view of acquisitions and associated impacts with closer attention to power dynamics which can facilitate more nuanced implementation of targets of the Kunming–Montreal Global Biodiversity framework.