This chapter explores the nature of Myanmar’s ‘Rohingya’ conflict against concepts of a demographic security dilemma, an ethnic security dilemma, a dual minority complex, and then the question of the impact of resources through two lenses, the ‘greed thesis’ and the political economy of conflict. It examines Rohingya population growth data, and the tripartite nature of the ethnic security dilemma, which suggests that times of political transition can facilitate heightened fears between rival ethnic or cultural groups and make them more vulnerable to extremist narratives and recourse to violence. It explores the deep sense of existential threat experienced by all parties, and how, from a regional and social-psychological perspective, a majority group within a country or region can feel as if they are a threatened minority competing for territorial and cultural survival. The chapter then moves into a discussion about the role of the State in the conflict, often overlooked or downplayed yet vitally important. It then considers the economic aspects of the conflict, analyzing these from ‘greed thesis’ and political economy perspectives, highlighting the interplay between the pre-existing conflict and the post-transition economic dynamics in the region.