This article presents an empirical study that delves into the complex dynamics of business–society relationships in fragile postconflict contexts. It addresses a crucial question: How does the interpretation of peace shape business and peace agendas? Our qualitative case study of Colombia, involving 41 stakeholder interviews and document analysis, focuses on the department of Antioquia. This region is undergoing a transformative process through the Development Programs with a Territorial Approach, known as PDET. These instruments aim to stabilize and transform conflict-affected regions, thereby contributing to peacebuilding in the country. Our findings reveal three distinct types of business and peace agendas, each rooted in different interpretations of peace: those that are direct, indirect, or independent from the government peace agendas. We propose an approach for tracing peace polysemy and establishing a minimal convergence between peace agendas, offering practical implications for decision-makers. We contribute to business and peace studies and identify promising avenues for future research.