As transnational movements contest economic inequalities and demand inclusion into global decision‐making processes, new models of collaborative governance have proliferated. Promoters of this new mode of governance suggest that it can produce “win‐win” solutions through inclusive, consensus‐based processes, if these arenas of governance account for power asymmetries within their rules and processes. Yet, by focusing on procedural aspects of collaboration, these accounts overlook how power operates through the wider landscape of transnational legal pluralism. This article adapts the sociolegal disputing approach to the context of global governance through an extended case analysis of the “global land grab.” In doing so, it demonstrates how power operates through the competition to frame disputes across transnational arenas. I argue that the frame through which collaboration is ultimately deployed serves to reconstitute conflicts, thereby subordinating competing claims to the values of the dominant frame. This analysis ultimately suggests participation in collaborative governance comes with risks. By engaging in collaborative processes, activists face the possibility of constituting the very markets they seek to contest.