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The literature on external support has typically characterized the relationship between rebel groups and foreign sponsors as driven primarily by the interests of the sponsors. When rebel groups deviate from the interests of their sponsors, for example, it is expected that changes in external support are likely to follow. While this characterization captures some rebel-sponsor relationships, it overlooks those in which rebel groups and foreign sponsors engage in mutual support. The relationship between the Revolutionary Armed Forces of Colombia-People’s Army (FARC-EP) and the regime of Hugo Chávez in Venezuela is a key example of a two-way support relationship characterized by the provision of mutual benefit that changes over time. Having emerged in the context of the development of a left-wing, “Bolivarian” wave in opposition to the United States in Latin America, this relationship evolved from rhetorical to informal to formalized mutual support, crystallizing in the memorandum of understanding between the Chávez regime and the FARC-EP and the deepening of cooperation in such areas as arms entry and safe havens for the FARC-EP, training by the FARC-EP of forces protecting the Chávez regime, and joint drug trafficking. We argue that the nature of the FARC-EP as a strong, resource-rich organization enabled this two-way support relationship with Venezuela. Our findings challenge a common assumption about the FARC-EP-Venezuela relationship as a front for illicit activities and problematize the emphasis in research on foreign sponsorship on rebel groups as merely recipients of external support. Future studies should extend these findings to other strong, resource-rich armed organizations and probe whether and how the nature of foreign sponsors and the broader context in which two-way support relationships emerge matter for their development and evolution.