Information about the factors associated with conservation participation by local communities is important to garner support and involvement within a natural protected area. This research examined how residents’ natural resource dependency and other social, economic, and access-related variables predict conservation participation. Data were collected based on a stratified random sampling of households from Gaurishankar Conservation Area Project (GCAP)—a newly designated mountainous protected area in Nepal. Analysis was conducted via an ordered logistic regression model. Higher levels of participation were observed among households that comprised of a larger family size, belonged to a higher caste/ethnicity, resided in higher elevations, and noted frequent visits and interactions with park management staff. However, natural resources dependency (i.e., income and fuelwood fodder) lacked a statistically significant relationship with conservation participation. Similarly, the economic dimension (i.e., land holdings and total livestock unit) was not a significant predictor of participation. Overall, key findings suggest that conservation participation at GCAP needs to be improved with multiple outreach activities, especially to resource-dependent households. More specifically, it is important to ensure equitable access so that locals can participate in programs that provide alternative resource use options, skills development, and trainings for income generation activities.