This study examines the impact of ecotourism ventures in the Amerind communities of Guyana. It compares the impact on livelihoods, conservation and governance of the different institutional frameworks through which ecotourism services are delivered. The central focus is directed to the region in which the world famous Iwokrama Rainforest project was established with widespread institutional support. The outcomes for ecotourism developed by this project are compared with the operations of a private company and a local community-based ecotourism enterprise. The North Rupununi area is inhabited by Amerindians who have always utilised rainforest resources for their livelihoods but are gradually being absorbed into the global economy. They remain by far the poorest communities in Guyana but there are powerful claims that ecotourism can materially assist in improving their livelihoods. At the same time there are strong pressures through agencies such as the Iwokrama Reserve to maintain pristine rainforest ecologies and therefore the agencies argue that an ecotourism approach can be used to satisfy both conservation and livelihood demands.