In a context of globalization and liberalization, Africa is increasingly confronted with the commercialization of its space. Various large-scale actors, including international private investors, investor states, and local entrepreneurs, are constantly seeking to expand their land holdings for the production of food crops or biofuels. This article presents two Rwandan case studies and analyzes how large-scale land acquisition by foreign and local elite players affects local livelihoods. It identifies broader agrarian and social changes taking place in Rwanda and Africa and provides suggestions as to how the tables might be turned in order to protect local livelihoods in the further evolution of Rwanda’s agriculture.