Extensive land use changes in forest frontier landscapes are leading to trade-offs in the supply of ecosystem services (ES) with, in many cases, as yet unknown effects on human well-being. In the Tanintharyi Region of Myanmar, a forest frontier landscape facing oil palm and rubber expansion, little is known about local perspectives on ES and the direct impact of trade-offs from land use change. This study assessed the trade-offs experienced with respect to 10 locally important ES from land user perspectives using social valuation techniques. The results show that while intact forests provide the most highly valued ES bundle, the conversion to rubber plantations entails fewer negative trade-offs than that to oil palm. Rubber plantations offer income, fuelwood, a good microclimate, and even new cultural identities. By contrast, oil palm concessions have caused environmental pollution, and, most decisively, have restricted local people’s access to the respective lands. The ES water flow regulation is seen as the most critical if more forest is converted; other ES, such as non-timber forest products, can be more easily substituted. We conclude that, from local perspectives, the impact of ES trade-offs highly depends on access to land and opportunities to adapt to change.