Market-led agrarian reform (MLAR) has been conceptualized out of the pro-market critique of classic state-led agrarian reform. The pro-market model has been implemented in Brazil, Colombia and South Africa, where its proponents have claimed impressive success. But close examination of the empirical evidence puts into question the basic theoretical and policy assumptions and current claims of MLAR proponents. The same model is no more likely to work elsewhere. Keywords: land reform, peasant organizations, state, land market,Brazil, Colombia, South Africa.