Environmental equity discussions have increasingly influenced conservation policies at local, national, and international levels. Various community-based natural resource management interventions strive to incorporate equity within conservation practices, with a particular focus on resolving human-wildlife conflicts. Nevertheless, the challenge persists in ensuring that equity measures translate into both tangible and perceived fairness. This study examined and disaggregated perceptions of equity among representatives from government and non-government entities, and local community members residing within co-governance frameworks that honor traditional governance structures in three Game Management Areas adjacent to the North Luangwa National Park in Zambia. We conducted key informant interviews with 15 Government officials and 15 NGO representatives in conjunction with 20 focus group discussions with local community members from six Village Action Groups. The government and NGO actors reported efforts to enact both distributional and procedural equity concurrently with conservation aims. Despite intentions to mitigate human-wildlife conflicts and foster cooperative conservation, these measures precipitated local dissatisfaction, as they perceived that the equity-facilitating interventions inadequately addressed the costs associated with coexisting with wildlife. Furthermore, a profound sense of misrecognition was felt as wildlife and conservation objectives appeared prioritized over their well-being. Divergent perceptions of equity influence conservation efficacy, as top-down equity measures may boost biodiversity yet simultaneously diminish local support and stewardship, thereby risking long-term community engagement. The disparity between anticipated and realized equity outcomes underscores the necessity of prioritizing recognitional equity by acknowledging the heterogeneity of interests, capacities, and influence of local populations before and during the implementation of conservation interventions.