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Many fisheries stocks and the livelihoods of those who make their living from fishing are in decline, and these declines are exacerbated by uncertainties associated with increased climate variability and change. Social scientists have long documented the importance of mobility and diversification in reducing the risk and uncertainty associated with climate variability, particularly in the context of small-scale fishing. However, it is unclear how these traditional mechanisms are buffering fishers against the varied stressors they currently face, including those associated with environmental variability. This paper examines how fishers on the southern gulf coast of the Mexican state of Baja California Sur perceive and respond to stressors associated with normal environmental variability, how their ability to adapt is spatially distributed, and what threats they perceive to their continued ability to adapt. Understanding the adaptation strategies and everyday vulnerabilities that fishers face can elucidate problems associated with current fisheries management and the underlying factors that cause vulnerability, and also help decision makers, including fishers themselves, develop more effective adaptation strategies in the face of climate change.