The management of tropical protected areas is a contentious issue in resource management and often leads to an unproductive polarization of viewpoints supporting either "protectionist" or "sustainable development" paradigms. This paper argues for a context-driven approach whereby effective management requires inputs from both paradigms in different situations. A key element of context is understanding long-practiced resource tenures and their ability to meet future conservation and livelihood goals. Different types of tenure arrangements are often required for different resources. This approach is illustrated by analysis of Virachey National Park in NE Cambodia. This park encompasses part of the ancestral territory of ethnic Brao people, who rely upon swidden agriculture, fish, terrestrial wildlife, and various nontimber forest products (NTFPs) for their livelihoods. These people have developed a mix of resource tenure regimes to promote sustainable use and to maximize local benefits. In the face of contemporary pressures, some of these traditional approaches are effective, while others are not. The paper suggests avenues for building on long-established management practices of the Brao to achieve park management goals while enhancing the welfare of the Brao people. A mix of private ownership, common property management, and central government involvement may be required to maximize benefits to local people and ensure long-term protection of biodiversity.