The conventional wisdom is that those who profit most from conflict have a financial stake in its perpetuation and are therefore often labeled as “peace spoilers.” This is no doubt true in many cases. However, as evident in Bosnia, a different dynamic is also possible; one in which war profiteers can become stakeholders in peace. Many of those who did well from war—through theft and diversion of aid, sanctions evasion, arms trafficking and other forms of smuggling—were in the most privileged position to take advantage of the post-war rebuilding process.