The Colombian internal armed conflict has caused the abandonment of an estimated 5.5 million hectares, roughly 5% of Colombian territory. The Colombian legislature is currently debating a bill that aims at establishing a new land restoration policy vis-à-vis Internally Displaced People (IDP). In a context of ongoing violence, where irreconcilable interests still exist around the use of land, the implementation of the bill will necessarily face an array of hurdles. This paper analyzes how President Juan Manuel Santos’ proposal diverges from international legislation on this issue, in particular with regard to the Guiding Principles on Internal Displacement and the United Nations Principles on Housing and Property Restitution. It proposes ways in which the proposed bill could better comply with these norms and seize the occasion to create a legal framework in which the return of IDPs to their land strengthens the peace process and increases the state’s presence in areas traditionally under the control of the armed groups.