The fisheries sector is very important to Malawi’s economy, livelihoods, food security and biodiversity. One estimate puts the total contribution of the sector at 7.2% of GDP while employing 700,000 people either directly or indirectly. Unfortunately, there is evidence of extreme overfishing, with 50% more craft than should be the case for maximum sustainable yield. Almost 90% of all nets used are illegal, with mesh sizes that are too small, capturing juvenile and spawning fish which curtail the reproductive capacity of fish species. This paper estimates that in 2018, profit from the fisheries sector was more than 5 times larger than the expected profit at maximum sustainable yield. These unsustainable profits cannot last forever, and will likely come at the expense of an imminent collapse in the fisheries stock if unaddressed, as evidenced by the reduction and possible extinction of the once prolific chambo species in Lake Malawi.