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This article argues that the logic of territory is particularly important for understanding the processes of capital accumulation and resistance in Latin America. The analysis focuses on Argentina, but draws on examples from throughout Latin America for a regional perspective and from the provinces of Jujuy, Cordoba and Santiago del Estero for subnational views. Section one describes the territorial restructuring of meaning, physical ‘places’ and politico-legal ‘spaces', as it plays out at multiple scales to facilitate the investment in and sale and export of natural resource commodities. I argue that land grabs contribute to this process but are not solely responsible for it. Section two explores the territorial logic of resistance. In what might be understood as territorial restructuring from below, rural communities are finding their own ways of restructuring places, legal spaces and the meaning of resistance from a peasant struggle for land reform to a peasant–indigenous alliance in defense of territory. This emerging alliance is not only important for understanding the nature of reactions to land grabbing and land conflict today. Recognizing and navigating the differences between peasant and indigenous histories of collective action are also crucial for sustaining such alliances at the regional, national and subnational level.