Industrial agricultural plantations are a rapidly increasing yet largely unmeasured source of tropical land cover change. Here, we evaluate impacts of oil palm plantation development on land cover, carbon flux, and agrarian community lands in West Kalimantan, Indonesian Borneo. With a spatially explicit land change/carbon bookkeeping model, parameterized using high-resolution satellite time series and informed by socioeconomic surveys, we assess previous and project future plantation expansion under five scenarios. Although fire was the primary proximate cause of 1989–2008 deforestation (93%) and net carbon emissions (69%), by 2007–2008, oil palm directly caused 27% of total and 40% of peatland deforestation.