This article examines the symbolic transformations and material consequences of an irrigation development project designed to empower indigenous peoples in Cañar, Ecuador. It argues that the project deepened market society and reproduced colonialism more than it empowered indigenous peoples, but indigenous people found ways to appropriate project resources and embed the market in alternative principles of social life. Market society deepened through the neoliberal hegemony of international development policy and through the indigenous movement's incorporation of market rationalities. Colonialism recurred through hierarchical representations of knowledge and skills reminiscent of long-standing stereotypes of natives, which local indigenous leaders internalized. Both processes unfolded through constructions of value and acts of evaluation. The gap between the market ideal communicated in the irrigation development project and the conditions of actually existing markets that local indigenous people engaged after project closure limited the concrete empowerment of indigenous peoples.