This case study examines, the tragedy of the commons as it is played out in the case of Phewa Lakeside, which is rapidly deteriorating through an excess of exploitation, and because there are too many actors planning its future at cross purposes. This interesting and enlightening narrative assesses the current deteriorating structure and lack of focus and provides valuable insights and recommendations for this lake both naturally and human-induced, as well as services provided to tourists in the context of quality. Several conflicts are apparent conflicts which, if not tackled with alacrity, could culminate in another environmental disaster and the end of a very valuable natural assest.