This article seeks to make a critical contribution to the “sovereignty problem” in food sovereignty (FS) studies. Contemporary scholarship has largely struggled to answer the question of who or what is sovereign within the realm of FS politics—underpinned by the relocalisation of agrarian production, sustainable nature–society relations, and a radical democratisation of food systems. Although the most recent scholarship has made significant progress on this issue, I offer an alternative historical materialist account of sovereignty understood as the combination of rights and territory. From a critical Marxian perspective, I deconstruct the basis of sovereign power as the intersection between social property rights (exploitation) and territorial governance (political technology) congealed within both capital and the state. This approach thus provides some clarity as to the necessary breaks required to establish an FS regime (self‐directed labour and cooperative territorial governance). The framework is then applied to the case of Bolivarian Venezuela. While witnessing some important achievements, Venezuela's FS experiment has encountered a number of contradictions. As this case study shows, peasant struggles aiming to retake control over production and establish cooperative forms of governance must traverse the entire terrain of the state and thus affect a broader socialisation of society's sociopolitical infrastructures.