Integrated water resource management (IWRM) has been globally recognized as a key strategy for advancing toward water security; however, Chile has not yet implemented it. While water governance in the country has been predominantly analyzed through documents and laws, integrating empirical insights from local actors’ perspectives is essential. This study applied the trialogue model of governance to understand stakeholders’ perspectives and relationships, to identify barriers to achieving water security, and to explore the roles of different actors in enhancing governance systems. The research design focused on the Biobío River Basin (BRB) as a case study, employing a qualitative strategy for data collection through semi-structured interviews. Qualitative data analysis consisted on a thematic analysis, where interview transcripts were coded to identify relevant topics. The results reveal that Chile’s highly centralized governance structure, along with inadequate information management and socioeconomic conflicts related to the construction of hydroelectric power plants, pose significant barriers to achieving water security in the BRB. Key opportunities to address barriers include legal reforms, improved information management, and strengthened enforcement and supervision. Achieving effective governance relies heavily on legal reforms, mobilizing resources and creating spaces for raising social awareness. Transparent and accessible data-sharing mechanisms are also crucial for better information management. Although the trialogue model is a valuable framework for analyzing river basin governance, it is necessary to emphasize the need to account for the intricate nature of the society cluster in future studies.