Ecuador has a wide range of ecotourism initiatives throughout the country. Since the 1990s, many Indigenous communities have started to organize themselves in order to run their own ecotourism programs. As a result, scholars have suggested that Indigenous ecotourism in Latin America started in Ecuador with the advent of community-owned projects, particularly in the Amazon. One of the first initiatives was Kapawi, located in the Achuar territory of Pastaza Province. The project was initiated by a private tour operator through a joint venture with the Achuar Indigenous organization. A transfer process started in 2008 and Kapawi is now managed by the Achuar communities, with a new set of opportunities and challenges. This article uses data collected from extensive fieldwork to examine the evolution, lessons learned, dynamics, and perspectives of the Kapawi enterprise.