Community-based tourism (CBT) in Colombia was identified as a strategy to reduce rural poverty and social inequalities in regions affected by political violence. The objectives of CBT are met through community and multilevel governance. Strong social capital is a necessary condition to meet such objectives. This article contributes to the theoretical and empirical analysis of the relationships among community-based tourism, social capital and governance in post-conflict contexts. Based on a set of indicators to measure social capital, and economic, sociocultural and environmental benefits perceived by the community, the case study in Minca, Sierra Nevada de Santa Marta (Colombia), demonstrates that tourism barely benefits communities when there is insufficient social capital and unstructured governance due to the low presence of the government. Despite the existence of legislation favorable to the empowerment of peripheral communities, rulers lack the political incentives to strengthen the social capital required for the development of community-based tourism.