Much coastal fisheries literature supports the idea that shrimp aquaculture has the potential to cause considerable social and environmental destruction. The aim of the paper is to highlight the two faces of shrimp aquaculture as a wicked driver, emphasizing its potential role in activating systematic conversion of lagoon -based fisheries commons to non-commons and vice versa. We use the cases of aquacultureled privatisation in Chilika Lagoon, located in the Bay of Bengal area of India, and collective action surrounding shrimp aquaculture in Northwestern Sri Lanka. For both studies, data are collected through mixed research methods, including semi-directive interviews, focus group discussions, and participant observations. Our analysis shows clear evidence that shrimp aquaculture can potentially contribute to either making commons or losing commons depending on the context and influences of multi-level drivers. Aquaculture-led factors contributing to the process of losing commons in Chilika are: large-scale, individually owned aquaculture operations; encroachment of customary fishery commons; loss of commons rights (access and entitlements); breakdown of commons institutions; policy changes; caste politics and resource conflicts; ecological disturbances; change in fishing practices. In Sri Lanka, aquaculture related factors contributing to making commons are: coordinating discharge; built-in incentive for stewardship; multi-level commons institutions; collective decision-making; bottom-up management approach; mixed commons regime; and small-scale operations.