Predator tourism is one strategy to improve tolerance for predators, and support biodiversity and ecosystem health. Torres del Paine National Park (TdP) – a UNESCO Biosphere Reserve in southern Chile - supports productive livestock industries and nascent puma tourism. We compared interviews conducted in the region prior to puma tourism, with results from interviews collected across 45 ranches post-puma tourism. We assessed rancher attitudes regarding pumas, puma-livestock conflict, puma tourism, and linked them with socio-ecological factors. Respondents who viewed pumas as a threat experienced higher livestock losses. Respondents who reported higher sheep losses were inclined to support the lethal removal of livestock-killing pumas, and to initiate a puma hunt, whereas respondents who supported puma tourism disagreed with hunting pumas. Using the Potential for Conflict Index, we found that participants exhibited the highest consensus on the benefit of puma tourism and the lowest consensus over lethal removal of pumas. Our results suggest predator tourism has increased tolerance for pumas but is creating new potential for conflict. Previous to puma tourism, ranchers were almost entirely negative about pumas and unanimously supported illegal puma hunting. Now, most believe that pumas are part of Patagonia's heritage. This divide was best explained by distance to TdP: ranches closer to TdP experienced greater losses to pumas but had neighbours that benefitted most from puma tourism. Therefore, we suggest that tourism revenues supplement community compensation insurance programs that reimburse rancher losses to pumas to mitigate the growing divide between those benefiting from pumas and those experiencing economic hardship.