This chapter shows how small-scale farmers and fishers around Tonle Sap Lake have been relatively resilient to flooding. However, changing flooding regimes have created more regular shocks for farmers, whilst declining fish stocks are increasing fishing households vulnerability. These flooding-related shocks and associated vulnerabilities link to the creation of debt for farmers and fishers, which influences the decision to send household members to migrate. Whether the incentive for migration is livelihood diversification or debt repayment, the influence of the Tonle Sap’s flood regime from year to year is significant as it is generative of the viability of farming and fishing livelihoods. Household livelihood viability and associated vulnerabilities, however, is in turn determined by social factors, such as the politics and contestations over access to resources in the village, as well as national level policies on fisheries and farming and transboundary water governance.