For decades, Amazon indigenous peoples and local communities (IPLCs) have impeded deforestation and associated greenhouse gas emissions. While emissions inside indigenous territories (ITs) and protected natural areas (PNAs) remain well below levels outside, unsustainable forest clearing is on the rise across the nine-nation region. In addition, Amazon ITs and PNAs are increasingly vulnerable to the less conspicuous (and often-neglected) processes of forest degradation and disturbance, which diminish carbon storage and ecological integrity. The trend toward weakening of environmental protections, indigenous land rights, and the rule of law thus poses an existential threat to IPLCs and their territories. Reversing this trend is critical for the future of climate-buffering Amazon forests and the success of the Paris Agreement.