Based on qualitative research and a case study analysis, this article describes how a local conservation initiative grounded on the potential to trade carbon offsets in the voluntary market has triggered a multipurpose scheme for community conservation in the ejido of Felipe Carrillo Puerto, Mexico. We describe how the Felipe Carrillo Puerto has engaged in the creation of two community-conserved areas, an ecotourism venture, and two projects of payment for environmental services. We show how creating a portfolio of conservation projects has allowed the ejido to diversify their sources of income in addition to creating an important number of jobs related to conservation. We discuss the implications of the community experiences with