High angular momentum states in ${}^{86}\mathrm{Zr}$ were populated through the ${}^{58}\mathrm{Ni}{(}^{32}\mathrm{S},4p)$ reaction at 135 MeV using the 88-In. Cyclotron at Lawrence Berkeley National Laboratory. Recoiling ${}^{86}\mathrm{Zr}$ nuclei were stopped in a thick Ta backing. Prompt multi-$\ensuremath{\gamma}$ coincidences with evaporated charged particles were detected using the full array of GAMMASPHERE and the MICROBALL. Mean lifetimes of 36 levels in ${}^{86}\mathrm{Zr}$ were measured using the Doppler-shift attenuation method. Transition quadrupole moments ${Q}_{t}$ were found in the range of about $0.3--1.5e\mathrm{b}$ in the positive-parity bands. The negative-parity bands show ${Q}_{t}$ values from about 0.25 to $1.2e\mathrm{b}.$ In the yrast positive-parity band, a sharp drop in collectivity approaching the ${30}^{+}$ state supports the interpretation of band termination in this configuration. Decreasing ${Q}_{t}$ values approaching the ${24}^{+}$ and ${27}^{\ensuremath{-}}$ states also provide an indication of terminating structures.