Community Based Natural Resource Management (CBNRM) and nature-based tourism often go hand in hand as a strategy to drive economic development in Sub-Saharan Africa. Yet conservation measures aimed at preserving the resources that tourism thrive on can have negative impacts on the livelihoods of community members. Conversely, if the community continues to unsustainably harvest natural resources, the nature-based tourism sector may collapse, leaving households without an alternative livelihood. Based on survey data of 200 households from 2012, this paper analyses the trade-off between natural resource conservation and development objectives by means of a mathematical programming model that represents the economy of a rural conservancy in Namibia. We find that nature-based tourism may contribute to rural development and sustainable resource management, but only when natural resources are actively protected. We conclude that the tourism sector needs to consider the broader economic and nutritional needs of the community when linking with CBNRM.