Sexual exploitation violates children’s rights and exposes them to harm, but there exist differences in views of behaviour that is considered sexually exploitative, including transactional sex. This paper explores community perspectives on transactional sex and exploitation in two communities in Uganda in 2014. We found understandings of multilateral, bilateral, and non-governmental organisations of sexual exploitation of children shared similarities with community conceptualisations. Although there was no consensus in community conceptualisations on what constituted sexual exploitation, transactional sex was condemned to the extent it involved sex with a minor or misled a naïve or immature girl; involved lack of consent, particularly in relationships characterised by power differentials; or worsened the pre-existing status of the girl. Also relevant was the extent to which a man’s intentions were considered inappropriate; the adolescent girl or young woman was considered vulnerable; and the adolescent girl or young woman was considered responsible for ‘her situation’.