Development policies for fishery resources within the Mekong River Basin are increasingly divided between aquaculture and capture fisheries. The modern production orientation of aquaculture has been adopted by government and NGOs and justified by the rhetoric of poverty alleviation and rural development. In contrast, capture fisheries has been subjugated as an activity that reaffirms the dependency of the rural poor on natural resources. This paper critically analyses the division between aquaculture and capture fisheries in Cambodia, Thailand and Lao PDR by tracing the emergence and influence of ‘development narratives’ used to justify contemporary policy and practice.