␣-Conotoxins are peptides from cone snails that target the nicotinic acetylcholine receptor (nAChR). RgIA and Vc1.1 have analgesic activity in animal pain models. Both peptides target the ␣9␣10 nAChR and inhibit N-type calcium channels via GABA B receptor activation, but the mechanism of action of analgesic activity is unknown. PeIA has previously been shown to inhibit the ␣9␣10 and ␣32 nAChRs. In this study, we have determined the structure of PeIA and shown that it is also a potent inhibitor of N-type calcium channels via GABA B receptor activation. The characteristic ␣-conotoxin fold is present in PeIA, but it has a different distribution of surface-exposed hydrophobic and charged residues compared with Vc1.1. Thus, the surface residue distribution, rather than the overall fold, appears to be responsible for the 50-fold increase in selectivity at the ␣32 nAChR by PeIA relative to Vc1.1. In contrast to their difference in potency at the nAChR, the equipotent activity of PeIA and Vc1.1 at the GABA B receptor suggests that the GABA B receptor is more tolerant to changes in surface residues than is the nAChR. The conserved Asp-Pro-Arg motif of Vc1.1 and RgIA, which is crucial for potency at the ␣9␣10 nAChR, is not required for activity at GABA B receptor/N-type calcium channels because PeIA has a His-Pro-Ala motif in the equivalent position. This study shows that different structure-activity relationships are associated with the targeting of the GABA B receptor versus nAChRs. Furthermore, there is probably a much more diverse range of conotoxins that target the GABA B receptor than currently realized.