Lions (Panthera leo) in Africa have lost nearly half their population in just the last two decades, and effective management of the protected areas where lions live will cost an estimated USD $1 B/year in new funding. We explore the potential for natural climate solutions to fill this funding gap by introducing early dry season fire management programs to generate carbon credits. Potential carbon revenue from a single method (avoided emissions) or from multiple sequestration methods could provide annual revenue of USD $59.6-$655.9 M (at USD $5/ton) or USD $155.0 M–$1.7 B (at USD $13/ton). The top twenty PAs with lions and the greatest PCR could generate annually between USD $2.0–$57.5 M per PA, and PAs with the greatest potential for lion numbers between USD $1.5–$44.4 M per PA. We highlight priorities for investments and pilot projects to realize this potential in Africa.