Created as a market-based instrument to deter tropical deforestation, the certification program of the Forest Stewardship Council (FSC) has experienced tremendous growth over the past two decades. We argue that using a comprehensive conceptual framework is needed to assess the successes and limitations of FSC certification. We introduce a supply chain strategy framework to address three questions: (a) What are the requisite supply chain conditions for certification programs to be successful? (b) How well does the tropical timber sector meet these conditions? (c) What actions could make FSC certification efforts more effective? We conclude that some conditions necessary for a successful supply chain strategy are not found in the tropical timber industry. As a result, FSC certification faces severe limitations as a governance tool for tropical forest conservation. We suggest that a collaborative approach to creating markets for certified timber will improve FSC certificate program effectiveness.