The Covid-19 pandemic has brought changes in various aspects of life, especially in business management. This study aims to examine whether there are differences in the choice of opportunities between arbitrage opportunities and innovation opportunities by micro, small and medium enterprises (MSMEs) in the food and beverage sector in Surabaya city during the Covid-19 pandemic. The sampling technique used in this study was purposive sampling with certain criteria. Data was collected from 100 respondents who met the criteria which were then tested using the Sappiro Wilk average difference test because the data were found to be not normally distributed. The results showed that there was a difference between arbitrage opportunity and innovation opportunity. It was also found that food and beverage MSMEs actors in Surabaya city were engaged in innovation opportunities (81 respondents) more than arbitrage opportunities (15 respondents) whereas the rest 4 respondents are engaged in both opportunities. The implications of this finding show that the ability of MSMEs actors to survive in difficult times, especially during the COVID-19 pandemic with various restrictions on business operations in the food and beverage sector, lies in their ability to identify and execute the opportunities.