The impact of Community-Based Natural Resource Management (CBNRM) is seen by many as a ‘win-win’ situation with reference to natural resources conservation and the improvement of local communities' livelihoods. However, community engagements in CBNRM and tourism have elicited many views as far as natural resources utilization is concerned. Some affirm the importance of CBNRM; others question it, while others call for its improvement. The premise of this study is to investigate the benefits and challenges of community-based tourism in one community of Botswana. Results show that although some benefits have been identified, there remain many challenges for the Khama Rhino Sanctuary Trust (KRST). It is evident that for community-based tourism to bring more benefits for locals, more interaction is needed between them and the Trust management. Increased local involvement and participation will help to ensure that people are empowered and the conservation of natural resources takes place. This paper asserts that community-based ventures, if properly run and managed, can promote the conservation of natural resources and increase local benefits through participation in tourism activities.