This study identifies and analyzes the Theory of Change underpinning the work of the Business for Peace Alliance Sri Lanka using the Theory of Change approach. The material used for this study constitutes one interview with the BPA’s chairman, two brochures, four annual reports, four newsletters and one presentation which were all created by the BPA. It further relates the identified Theory of Change to the theoretical discussion about the role of business in peacebuilding and identifies a number of contributions which this study makes to broader learning. These are the potential of the private sector to facilitate peacebuilding projects without any direct economic purpose, the need for businesses involved in peacebuilding to examine their political stand, the importance of ensuring conflict-sensitive management practices on all levels, and a caution against oversimplifying the relationship of economic growth and peace.