What are the peace and security implications of transboundary water governance in post-apartheid Southern Africa? The 1994 birth of democracy in South Africa introduced various transboundary water reforms and saw the country move from being a 'foe' to a 'friend' after years of isolation. In both periods, South Africa has been a regional hegemon, being able to project power beyond her national borders. The scarcity, uneven distribution and the economic significance of the common pool resources in the region have made water subject to territorialisation and securitization by states with the hegemon expected to dominate the process. How does water become an instantiation of state power in the first place? Using the Incomati River Basin as a case study, the study seeks to contribute to the theoretical and empirical gap on the relationship of power to the water-peace-security nexus that are rarely conceptualised in transboundary water governance literature.