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Objective: To analyze how dynamic capabilities are associated with the processes of identifying and exploiting international opportunities. Method: The research consists of a case study, qualitative in nature, with a retrospective approach. Data were collected through interviews, documentary research and observation, with triangulation of data sources. The data were analyzed using the Constant Comparison Method and with the help of the Atlas.ti software, version 8.0. Main Results: The company analyzed is able to identify international opportunities using network, entrepreneurial and innovation capabilities. The innovation capacity was used only in creation processes, while the others were used in both discovery and creation processes. However, to explore some opportunities, these capabilities were not sufficient, and it was necessary to develop market orientation, learning and adaptation capabilities. Relevance / Originality: The literature has sought to explain the processes of identifying and exploiting opportunities based on ordinary capabilities. The approach adopted in this research considers a set of capabilities that are created, adapted or transformed depending on environmental demands, which makes them truly dynamic and enables companies to access international opportunities. Theoretical / Methodological Contributions: The contribution of the study lies in understanding what capabilities companies need to develop to expand their international operations. [ABSTRACT FROM AUTHOR]