Adaptive governance is an emergent approach to water allocation that alludes to the social conditions that enable the range of interactions among actors as they agree and pursue mutually desired water allocation outcomes. Limited successful efforts aimed at implementing adaptive governance suggest a dearth in understanding and implementing adaptive governance. Using the analytic lens of social exchange theory, we draw attention to relations of dependence by examining efforts aimed at establishing an equitable water allocation regime on the Kafue Flats of Zambia. Relations of dependence are as a result of differential access and control of hydromentality. In the context of this research, hydromentality includes discourse on water allocation, institutional arrangements and techniques for control of hydraulic infrastructure. The research used in-depth interviews, stakeholder workshops and document analysis. The research illustrates the case in which hydropower and commercial irrigation farmers, access and control hydromentality. In this way, these few key actors are able to either facilitate or constrain adaptive governance processes thereby influecing water allocation outcomes on the Kafue Flats. We conclude by asserting that adaptive governance does not occur in a vacuum and as such require greater attention to relations of dependence as social actors pursue desired water allocation outcomes.