ObjectiveShark depredation, the full or partial consumption of a hooked fish by a shark before it is landed, is an increasing source of human–wildlife conflict in recreational fisheries. Reports of shark depredation in the catch‐and‐release Tarpon (also known as Atlantic Tarpon) Megalops atlanticus fishery in the Florida Keys are increasing, specifically in Bahia Honda, a recreational fishing hot spot and a putative Tarpon prespawning aggregation site.MethodsUsing visual surveys of fishing in Bahia Honda, we quantified depredation rates and drivers of depredation. With acoustic telemetry, we simultaneously tracked 51 Tarpon and 14 Great Hammerheads (also known as Great Hammerhead Sharks) Sphyrna mokarran, the most common shark to depredate Tarpon, to quantify residency and spatial overlap in Bahia Honda.ResultDuring the visual survey, 394 Tarpon were hooked. The combined observed shark depredation and immediate postrelease predation rate was 15.3% for Tarpon that were fought longer than 5 min. Survival analysis and decision trees showed that depredation risk was highest in the first 5–12 min of the fight and on the outgoing current. During the spawning season, Great Hammerheads shifted their space use in Bahia Honda to overlap with Tarpon core use areas. Great Hammerheads restricted their space use on the outgoing current when compared to the incoming current, which could drive increased shark–angler interactions.ConclusionBahia Honda has clear ecological importance for both Tarpon and Great Hammerheads as a prespawning aggregation and feeding ground. The observed depredation mortality and postrelease predation mortality raise conservation concerns for the fishery. Efforts to educate anglers to improve best practices, including reducing fight times and ending a fight prematurely when sharks are present, will be essential to increase Tarpon survival and reduce shark–angler conflict.