The paper reviews trends in land use change in the tropics and subtropics of Latin America and the Caribbean, and their relation to the evolution of the cattle industry in the region. It is posited that horizontal expansion is nearly finished, and that cattle sector, and the grasslands that support it, are beginning to intensify. Nevertheless a number of paradoxes subsist and are discussed. Most notable among these are the interactions among land speculation, a characteristic aspect of much of the extensive cattle industry throughout history, with policies and technologies.