Poor fishers in Bangladesh have been disadvantaged by policies that favored powerful people leasing fishing rights. Community-based management was expected to improve fisher access, livelihoods, and the sustainability of fisheries. The impacts of community management in three floodplain waterbodies differed according to the environment and property rights. Where a set of fishers jointly held exclusive rights to a small enclosed lake they increased production by stocking fish and shared the returns. This strategy is productive but attracts competition for profits and fish consumption was unchanged. Access to capture fisheries in floodplain waterbodies enables the poor to catch diverse small fish for their consumption. Yet sustainability requires limits on fishing. Fish sanctuaries were respected, yet catches per day fell when more people from several villages increased fishing effort in a large wetland, while a tightly knit community restored the fishery in a smaller floodplain. Community organizations will need recognition of their long-term use rights to overcome future threats.