This article develops a novel theoretical framework for analysing the persistent cycles of conflict and fragile peace in South Sudan. It critiques the limitations of prevailing concepts like hybrid peacebuilding and liberal institutionalism, which often fail to capture the complex interplay of local, national, and international dynamics. The proposed framework synthesises insights from political settlement theory, critical security studies, and the political economy of conflict to construct a multi-level analytical model. This model foregrounds the centrality of elite bargains, the political marketplace, and the instrumentalisation of identity and insecurity. The article concludes by outlining the framework's theoretical contributions to African peace studies and its practical utility for policymakers and practitioners engaged in South Sudan's protracted transition.