Taking cognisance of the fact that SSFs the major producers of maize in Zambia were most affected by the 1991 agricultural policy reforms, from 2005 onward, the state became very active in the maize market and production systems in order to mitigate their problems. The main objective of this study is to investigate to what extent the maize policy changes have contributed to the SSFs’ vulnerability to exploitation. This information will be of use in the policy formulation process to ensure that the formulation of policies take a holistic approach to mitigation of the SSFs’ vulnerabilities. The study draws from political economy, peasant rationality and risk aversion theories to explain the phenomenon under study. Qualitative research methodology was used to collect and analyse both the secondary and the primary data. The study indicates that the prevailing dual system where the state marketing system exists side by side with the private sector has resulted in forms of exploitation which can broadly be classified as petty and structural forms of exploitation. Several factors could be said to exacerbate SSFs’ vulnerability to exploitation such as FRA’s delay in opening its marketing season; delays in paying the SSFs’ for their maize by government/FRA; lack of monitoring of the FRA buying agents’ activities; SSFs’ passivity, and incomplete information.