What capacity do smallholders have to influence key decisions in large-scale land deals to their own advantage, in particular in their own localities? Though the cards are stacked against them, micro processes on the ground show great variations. We put the magnifying glass on local power dynamics to explore both opportunities and constraints to the bargaining power of smallholders as they resist land deals or struggle for (better terms of) inclusion. We propose a relational perspective, in the sense that we focus on the social relations through which smallholders may 'produce' power, access power resources and profit from leverage vis-à-vis investorsconstrained by wider power configurations. Drawing on our research in Indonesia and the Philippines augmented with other case studies on Southeast Asia, we highlight (1) relations of interdependency with investors; (2) 'horizontal' relations of shared interests and identity; (3) tactical relations with state officials; (4) relations with specialists in violence; and (5) relations with supra-local civil society groups. Explorative in nature, this contribution suggests an analytical lens to study sources of smallholder bargaining power and vulnerability in large-scale land deals.