Wetland resource governance is a critical issue in Bangladesh, where the rural communities depend on natural resources and cause over-exploitation of natural resources. Purposive exploitation of wetland resources in Bangladesh is a result of the top-down approach. In response to centralized resources management system, community-based co-management emerged mainly to ensure the sustainability of natural resources through benefiting the local communities. Based on our study in Tanguar Haor, a unique wetland ecosystem in the northeastern region of Bangladesh, co-management approach can promote greater participation of the local community in resource management but establishing such governance arrangements take time depending on the potential of community organizations. As the study revealed, the Initiative of establishing co-management is still a challenge in Tanguar Haor, where there is a high dependency on resources given the socio-economic conditions. Also, the ineffectiveness of the existing community organization, largely due to a lack of leadership at the local level, is an obstacle to governing this wetland. Therefore, the findings of this study broadly highlight the necessity for strengthening the community organization through a collaborative process. In line with the commitment of government as well as its realization at the community level, the need for responsible, legitimate and effective roles of the community people including leaders has been further urged towards sustainable management of the wetland resources.