Transitional justice mechanisms and the International Criminal Tribunal for the Former Yugoslavia (ICTY) have had only a limited success in overcoming ethnic divisions in Bosnia-Herzegovina. Rather than elaborating upon the role of local political elites in perpetuating ethnic divisions, we examine ordinary peoples' popular perceptions of war and its aftermath. In our view, the idea that elites have complete control over the broader narratives about the past is misplaced. We argue that transitional justice and peace mechanisms supported by external actors are always interpreted on the ground in context-specific ways, creating different citizens' experiences, "memories" of the war, and their respective hopes and disappointments in regards to the relationship between peace and justice in Bosnia. We suggest that analyses of the post-conflict developments in Bosnia-Herzegovina must take into account what gives the narratives of exclusion their power, and what are the objective political, social and economic constraints that continue to provide a fertile ground for their widespread support.