The relationship between trust and venture performance has been systematically examined on samples from developed economies, frequently producing positive associations. However, little is known about the relationships between trust and performance among ventures in base-of-the-pyramid (BOP) markets. We address this issue using a sample of 276 ventures in Swaziland. This study finds a negative relationship between entrepreneurs’ trust in exchange partner and performance. The results also show that new ventures’ level of formality and venture size moderate this relationship. The findings add to our understanding of when entrepreneur’s trust in their exchange partners represents an asset or a liability for ventures in BOP markets.