Abstract In recent decades, fishing fleets and effort have grown in aggregate throughout the waters of lower-income coastal countries, much of which is carried out by vessels registered in higher-income countries. Fisheries access arrangements (FAAs) underpin this key trend in ocean fisheries and have their origins in UNCLOS’s promise to establish resource ownership as a mechanism to increase benefits to newly independent coastal and island states. Coastal states use FAAs to permit a foreign state, firm, or industry association to fish within its waters. This paper provides a conceptual approach for understanding FAAs across the global ocean and for exploring their potential to deliver on the promise of UNCLOS. Illustrated with the findings from multiple case studies, we advance understanding of FAAs by developing a geopolitical-economy of access that attends to the combination of contingent and context-specific economic, ecologic, and geopolitical forces that shape the terms, conditions and practices of the FAAs shaping this persistent phenomenon of higher-income industrial fleets fishing throughout lower-income countries’ waters.