Increasingly there is recognition of the need for new governance and decision-making models in natural resource management that uphold the rights and knowledge systems of Indigenous peoples. These models would support access to and sovereignty over natural resources including fisheries and wild harvested foods. However, research in northern Indigenous communities continually focuses on country foods and subsistence harvests and does not consider the important role of commercial fisheries. It is key to investigate how Inuit cultures and commercial fisheries are linked to understand how fisheries governance should be directed. Through an iterative interview process, we identify values and principles held by Labrador Inuit fishers and fisheries managers regarding the commercial fishing industry, outlining an interconnected set of values that ground how Labrador Inuit relate to the fisheries today. Drawing on the literature, we contrast the current fisheries management paradigm with the values that arise from this study. By identifying and articulating a system of values held by Labrador Inuit in relation to the commercial fishing industry, we articulate a set of principles to inform a desirable and just future for commercial fisheries. This represents a new conceptual model for Inuit commercial fisheries, one that speaks to the resilience of Labrador Inuit, and frames the industry as having value beyond its material dimensions, to include political self-determination, traditional use, and cultural identity.