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This paper examines the use of federal regulations and market-based incentives to conserve habitat for the Florida panther on private lands. We examine: the role of habitat conservation in panther recovery efforts; the limitations of existing regulatory mechanisms, in particular the Endangered Species Act, in conserving panther habitat on private lands; and how market-based incentives for habitat conservation may complement regulations. In particular, we examine how a payment for ecosystem services (PES) program could attain both economic and ecological efficiency in habitat conservation on private lands. We conclude that a strategic combination of regulatory and market-based incentives would be more effective at conserving contiguous habitat on private lands, especially when the loss of habitat is driven by rapid urban and exurban development. [ABSTRACT FROM AUTHOR]