Snakehead fish are the most preferred fish species for food in Cambodia and Vietnam, and are consumed in both fresh and processed forms. The purpose of this paper is to describe the value chains of captured and cultured snakeheads in the Lower Mekong Basin (LMB). The important actors involved in the value chain of snakeheads in the LMB of Cambodia and Vietnam were fishers, fish farmers, wholesalers, retailers, and processors. The value chain of wild captured snakeheads in Cambodia was focused on 11 marketing channels, and for cultured snakeheads in Vietnam, 10 market channels. The distribution of benefits among the chain actors was unequal, with the highest proportion of profit going to wholesalers in Cambodia and collectors in Vietnam. In order to develop the value chain of snakehead for the long-term in the LMB, appropriate plans must be prepared for each country in association with better management and protection of natural aquatic resources.