Recent global commitments to forest and landscape restoration in the tropics call for new management approaches that benefit both biodiversity and livelihoods of forest‐dependent people. The sustainable use of wild forest products is a promising pathway, but requires clarity about harvested species' demography and harvesters' rights. Here, we explored how the exploitation of fruits of the threatened palm Euterpe edulis, a key fruit source for wildlife in Brazil's globally important Atlantic Forest biodiversity hotspot, could trigger local community involvement in restoration. This palm has both non‐destructive (fruit) and destructive (palm heart) culinary uses, each with unique biological and resource‐use conditions. We quantified all demographic stages of this species in multiple agroforests, secondary forests, and protected areas to parameterize demographic projections of palm populations, harvest profitability, and fruit provisioning to wildlife under different management scenarios. Field observations showed a clear depression of adult palm populations in protected areas, likely due to palm heart poaching, and of intermediate size classes in agroforests, probably from weeding by farmers. Field data and demographic models reveal that in this region, agroforests and secondary forests can successfully conserve this species while providing lasting profits for farmers under most scenarios. These findings demonstrate a clear case where local stakeholders both contribute to and benefit from restoration through harvest of wild products and also highlight a potential source of income from regenerating tropical forests.