The present research is a sociocultural analysis that studies, from an ethnographic work, the forms of social capital and the development process in San Pedro peasant’s village, corregimiento of Palermo, municipality of Paipa, Boyaca, Colombia. This research focuses on a case study, which seeks to understand the relationship of resources, assets and capacities coming from organizational forms or collective actions within communities and their development. In this regard our main question is where social capital has been created, how the use of these resources has changed and what is the effect in the village developing process in asofrupal organization case. Therefore, it is proposed to characterize this concept and its empirical application in the rural community. As a result, in this community we found a building process of social capital, which allows us to confirm that social and cultural resources gave origin and have sustained the village more than the purely economic or material ones: networks, links, relationships and organizations, norms, values, trust and cooperation, that are decisive in understanding development or poverty in this kind of communities and experiences. Moreover, it is also perceived, that in recent years a kind of decline in this capital, has been affecting the economic development of San Pedro's Village.