As conservation initiatives expand in response to biodiversity loss, there remains limited understanding about what forms of governance and roles for different actors produce the best ecological outcomes. Indigenous peoples’ and local communities’ (IPs’ and LCs’) roles extend beyond participation to more equitable governance based on relative control and recognition of their values and institutions, but the relationship with conservation outcomes remains unclear. We review 648 empirical studies to develop a typology of IP and LC roles in governance and, for a subsample of 170, analyze relationships with reported ecological outcomes. The findings reveal that more equitable governance, based on equal partnership or primary control for IPs and LCs, are associated with significantly more positive ecological outcomes. This carries important implications, including for actions toward the Global Biodiversity Framework targets, suggesting a need to elevate the role of IPs and LCs to conservation leaders while respecting their rights and customary institutions.