Covering 2.1 million hectares, Guatemala's Maya Biosphere Reserve (MBR) is the largest protected area in Central America and is home to globally important biodiversity. Established in 1990, the reserve is also the site of an internationally significant experiment with community forestry: twelve community forest concessions in the MBR cover over 400,000 ha, about 19% of its total area. Over the last fifteen years, these concessions have developed local enterprises that have generated thousands of seasonal and permanent jobs, and over $4 million in annual sales of sustainably harvested forest products. At the same time, analyses have shown that the rate of deforestation in concessions certified by the Forest Stewardship Council (FSC) is remarkably lower than in adjacent “core zone” protected areas in the MBR. Such community forests represent a promising strategy for reducing emissions from deforestation and degradation (REDD+), where payments could add a crucial revenue stream for local forest-based enterprise. Under an initiative led by the Rainforest Alliance, approximately 470,000 hectares with potential to offset approximately 1 million tons CO₂-equivalent per year will be eligible for payments for avoided deforestation. This paper details the history and development of community forest enterprise in the MBR, the rationale and potential for developing REDD+ in MBR concessions, and the work of the Rainforest Alliance and national and international partners on a host of complex activities, including estimation of carbon offset potentials, baseline definition, legal and regulatory analyses, and preparation of a project document for validation to voluntary carbon standards.