This chapter examines the potential for an Indigenous-led governance model in the Murray-Darling Basin (MDB) through the concept of the First Nations Water Holder (FNWH). It argues that current water management frameworks, which prioritize economic and environmental considerations, fail to address the cultural and spiritual needs of Indigenous communities whose deep connections to the land and water have spanned millennia. The FNWH represents a transformative approach, enabling Indigenous peoples to reclaim control over water entitlements to restore cultural economies, practices, and ecological health. Central to this vision is the concept of cultural water, a distinct category that prioritizes Indigenous relationships with water, including ceremonial use and biodiversity maintenance, alongside environmental flows. This chapter explores the historical context of water governance in Australia, highlighting the exclusion of Indigenous perspectives and the need for systemic change. It discusses how the FNWH can act as a critical tool for securing water rights, promoting reconciliation, and empowering First Nations communities to exercise sovereignty over their water resources. Ultimately, the chapter calls for a reimagining of water governance that weaves together Indigenous knowledge, environmental sustainability, and the revitalization of Indigenous cultural practices in the MDB.