Understanding the drivers of participation in conservation programs is essential for successful efforts to preserve nature in Latin America. By identifying these factors, we can bolster the long-term effectiveness of such initiatives in the region, particularly given that much of the biodiversity resides on private lands. Whereas extensive research has explored landowner participation in developed countries, variations in socio-economic, environmental, and governance contexts pose unique challenges across developed and less-developed nations. Moreover, discrepancies in research criteria suggest the need for a comprehensive conceptual model to identify and summarize these factors. Following a systematic literature review, we examine and summarize the various factors that influence voluntary participation in conservation-related programs across Latin America. We searched for studies using Web of Science from January 2000 to July 2022, resulting in the screening of 31 peer-reviewed articles. We categorized factors into opportunity, willingness, and ability to participate. Within the willingness category, we considered factors related to intrinsic and extrinsic motivations, while the ability category covered factors related to financial, social, human, natural, and physical capital. We extracted factors reported as having either a positive or negative influence on participation. Our analysis revealed a balanced focus on factors related to both willingness and ability, with a noted gap in the evaluation of social capital. Notably, our adapted conceptual framework encompasses institutional capital within the ability category, enhancing the understanding of factors influencing landowner participation in conservation initiatives.