Tourism is an increasingly important source of capital in numerous developing nations, and it accounts for an inflow of nearly $1.4 billion to Guatemala each year. Yet tourism also carries with it negative side effects, principally environmental and cultural degradation. International NGOs working in Guatemala tout a preservationist brand of tourism, yet anthropologists and environmentalists have documented how the tourism industry—and the NGOs that compose it—continually fall short of preservationist goals. This Note suggests that a solution to the industry’s harms lies in private regulation, specifically in a tourism-specific code of conduct. This Note demonstrates how a code would fit within the industry’s current regulatory scheme, explains why the NGOs that dominate the industry would adhere to a code, and identifies specific provisions that should be included in a code to directly target tourism’s environmental and cultural harms.