Abstract The reciprocal contributions concept provides a holistic approach to understanding management of natural resources in social‐ecological systems. The purpose of this study was to understand how Indigenous peoples build reciprocal contributions with cultural keystone species (CKS) through their dynamic knowledge systems. We explore the cultural value and reciprocal contributions between an endemic palm locally known as tagua ( Phytelephas aequatorialis Spruce) and the Indigenous Commune of Salanguillo in western Ecuador. We use a multidisciplinary, mixed methods approach (including participant observation, focus group discussions, talking maps and social surveys) to identify reciprocity at three human dimensions (institutional‐social‐political, biophysical and symbolic–linguistic–cultural). Our study revealed multiple and diverse reciprocal contributions between people and tagua across all dimensions, and the tagua palm was identified as a CKS. Interactions with tagua reflect broader social‐ecological changes in the region. Reciprocal contributions between tagua and the Commune are built through direct individual experience, but also rely on communal and national institutional agreements. Integration of Indigenous knowledge with the global environmental discourse underpins the place‐based learning strategies for the sustainable use and management of tagua and human well‐being. Read the free Plain Language Summary for this article on the Journal blog.