The impact on the marine environment of the rapidly growing dive tourism industry in less developed countries is increasingly understood, but little research currently exists on its impact on overall sustainability at host sites. This article applies Social Exchange Theory to assess multistakeholders' perspectives of dive tourism for two Malaysian islands: the Perhentians and Sipadan. We argue that multiple interest groups exist within the sites, with heterogeneous attitudes relating to dive tourism. We found that dive instructors (most knowledgeable and engaged) have the most polarized views and clearly identify links between environment, society, and development. Nondive businesses show greater engagement with economic development impact, but may not link this to environmental preservation. Tourists were surprisingly indifferent—highlighting their lack of loyalty to "place" per se or opportunities for alternative travel choices.