The processes of territories governance require a special effort to open ourselves to the diverse interpretations that circulate about its productive vocations and conditions of its diversity. To do so, we propose to reflect from decolonial, intercultural and ecological-political perspectives surrounding water governance processes in territories marked by the coexistence of transnational capitalism with peasant and indigenous economies and cultures. The empirical reference cases come from the regions of Biobío and Ñuble, in the South Center of Chile, where the actors and actants of the socionatural system determined by plantations of monoculture forestry, face daily dialogue, negotiate and confront their multiple understandings around the water.