This paper examines how Peruvian state policies favoring industrial fisheries and export-oriented aquaculture have created hybrid institutional entanglements where formal, informal, and illegal practices coexist in the anchoveta fishery and scallop aquaculture sectors. Artisanal fishers contest restrictive regulations through demonstrations and everyday practices, while the state tolerates some informality to avoid social conflict and maintain revenue from exports. The study shows that these hybrid governance arrangements perpetuate marginalization of small-scale fishers and limit the effectiveness of formal regulatory frameworks.