Payments for Ecosystem Services (PES) schemes incentivise landowners to maintain, restore or enhance ecosystem services. Currently, there are more than 550 active PES programmes worldwide, expected to support conservation efforts and, ideally, to also reduce rural poverty. In this article we explore the discourses that underpin PES debates and practice in Colombia, a late-comer to the PES agenda in Latin-America. Informed by interviews with PES actors and Q-methodology (n = 41), we identify three PES discourses: conservation conduit, contextual conservation, and inconvenient conservation.