This perspective piece argues that the persistent fragility of South Sudan's peace process is fundamentally rooted in a political economy of conflict, where elite bargains and resource predation undermine institutional reform. Moving beyond a technical assessment of the Revitalised Agreement on the Resolution of the Conflict in the Republic of South Sudan (R-ARCSS), the analysis foregrounds how the logic of competitive kleptocracy and the militarisation of patronage networks perpetuate cycles of violence and governance failure. The article examines the interplay between formal peace architecture and informal power dynamics, concluding that sustainable peace requires a transformative agenda addressing the structural drivers of elite predation and fostering inclusive political settlements.