The Amazon rainforest hosts a remarkable level of biodiversity which, in turn, generates diverse and significant ecosystem services for humanity. Conserving the vast territories of the Amazon requires the active participation of the many traditional indigenous and non-indigenous communities that inhabit the region. For example, the conservation of the giant pirarucu fish through co-management with local Amazonian communities has objectively delivered successful conservation and social outcomes. Here, we identify the material and non-material benefits derived from sustainable community-based activities by interviewing fishers from communities both inside and outside of this flagship conservation program. Specifically, we conducted interviews with 186 expert fishers from 39 communities along the Juruá River, western Brazilian Amazon, focusing on their perceptions of historical trends in the direct and indirect benefits that they derive from ecologically and economically important species and conserved ecosystems. Our results show significant differences in perceptions between communities that either do or do not practice pirarucu co-management. Pirarucu-managing communities perceive higher catch per unit effort in fisheries and increases in commercially valuable species like Tambaqui (Colossoma macropomum). Participating communities also perceived an increase in the abundance of high-value hardwoods. Additionally, these communities report more intangible benefits such as cultural strengthening and revival. This study clearly highlights how pirarucu co-management has significantly increased the flow of material and non-material benefits from nature to participating communities. The fact that these benefits are clearly perceived and acknowledged by participating communities is also an important finding, incentivizing the continuity of practices that sustain these benefits.