<p>Co-management is considered a pathway to sustainable fisheries management, promoting collaboration among diverse actors through shared tasks and responsibilities. However, power asymmetries can pose challenges and affect outcomes. This study examines the impact of power struggles on the success of co-management, focusing on inland fisheries in Lake Malawi. Using the Multi-Actor Perspective and the Power in Transition frameworks, we analyzed the roles and relationships of key actors of fisherfolk, Beach Village Committees (BVCs), chiefs, Department of Fisheries (DoF), non-governmental organizations (NGOs), and academic institutions in mobilizing resources and managing fisheries in Nkhotakota District. The findings reveal significant power imbalances. The DoF and chiefs exert dominant influence, fostering dependency and competition with other actors. These tensions often lead to disputes over revenue control, fishing gear regulation, research, and the allocation of responsibilities, limiting fisherfolk’s agency and threatening the sustainability of co-management efforts. To address these challenges, it is crucial to redefine roles to align with sustainability goals while respecting past benefits and role legitimacy. Empowering BVCs as independent decision-making entities, raising awareness to clarify roles, and shifting attitudes are essential. Additionally, the DoF should establish transparent mechanisms for interest-sharing and coordination among actors and finalize legal provisions to fully devolve management authority to the district level. These measures can foster empowerment, reduce dependency, and enhance the sustainability of co-management systems.</p>