More examples of positive and negative outcomes of community-based conservation initiatives aimed at benefit sharing are surfacing globally, and there is increasing interest in who wins and who loses at multiple scales. However, the term “benefit sharing” is not well defined in the context of protected areas, hindering the effective implementation thereof. We define benefit sharing as the process of making informed and fair trade-offs between social, economic, and ecological costs and benefits within and between stakeholder groups, and between stakeholders and the natural environment. We explore identifying appropriate benefits in certain contexts and monitoring benefit sharing initiatives using relevant qualitative and quantitative indicators. Finally, we use an illustrative case study of mopane worm harvesting from the Kruger National Park in South Africa to explore how benefit sharing as defined in the article can be implemented using a strategic adaptive management approach during the planning, assessment, and reporting phases.