Bioprospecting, which involves the discovery and commercialization of new products derived from biological resources, is alluring, exciting, and, when conducted in an environmentally friendly manner, has great potential to provide beneficial results to humankind. But bioprospecting is also fraught with many legal pitfalls for uninformed or unmindful bioprospectors and those who invest in them. Understanding this complex and changing legal landscape is indispensable to a successful bioprospecting enterprise.