Protected areas contribute directly to Sustainable Development Goals 14 and 15, grounded in the Aichi Biodiversity Targets and the Convention on Biological Diversity. However, they often create tensions between conservation and anthropogenic land use, especially in impoverished rural areas. Lobéké National Park (LNP), a UNESCO World Heritage Site in Cameroon, exemplifies such governance challenges. The park contributes little to local socio-economic development, leading to negative perceptions among communities. Conflicting land-use rights, widespread poaching, and allegations of human rights violations by eco-guards compound these issues. This study, guided by Elinor Ostrom’s common-pool resource theory and adapted governance frameworks, analyses LNP’s management, participation, livelihoods, and conflicts. Based on 94 interviews, 21 focus groups, and participatory methods, the findings reveal significant management shortcomings: understaffing, funding deficits, poor infrastructure, and weak anti-poaching strategies. Participatory mechanisms outlined in forest law exist but are ineffective; local communities are inadequately informed or included, and community rights are poorly protected. Customary land use is restricted by park regulations and concessions to private companies, while alternative livelihood support is minimal. Four major conflicts are identified: between conservation and development, between residents and eco-guards, between local groups (Baka and Bantu), and over land-use rights. The study concludes that LNP’s governance is inequitable and inefficient, and recommends improved stakeholder coordination, increased community involvement, transparent benefit-sharing, and clearer land tenure systems. These measures are essential for reconciling conservation with the socio-economic realities of the region.