The widespread destruction of Cambodia’s forests in recent decades saw the loss of the last major area of pristine tropical forest in South-east Asia. The proceeds of often indiscriminate logging and sale of forest and plantation concessions have enriched the country’s ruling elite but cost its rural population dearly. It was, moreover, a process in which foreign aid donors were deeply involved, even if the outcome was contrary to their intentions. The tragedy of Cambodia’s forests has received much international publicity from environmental NGOs but far less scholarly treatment. That deficiency is now addressed by this detailed and sophisticated case study of how externally sponsored reform agendas can be manipulated by domestic elites.