Community-based conservation projects implemented in conjunction with protected area management often struggle to meet expectations. This article argues that outcomes will improve if project leaders pay closer attention to four development indicators-rights, capacity, governance, and revenue-that are often taken for granted or considered beyond the scope of local conservation projects. I make the case for focusing on these variables in four steps. First, I distinguish community-based conservation linked to protected area management from community-based institutions studied by scholars of the commons. Second, I draw on the theory and practice of international development to highlight the central relevance of the variables highlighted in this article to development projects at all levels. Third, I discuss the four variables in some detail, considering problems of definition and measurement and reviewing possible interactions among them. Fourth, to illustrate the influence of the variables in particular cases, I review outcomes from community-based conservation projects implemented near protected areas in El Salvador and Zimbabwe.