This qualitative study examines the protracted implementation of South Sudan's 2018 Revitalised Agreement on the Resolution of the Conflict in the Republic of South Sudan (R-ARCSS). It argues that the formal peace process has been consistently subverted by a political economy of conflict, where elite bargaining prioritises power-sharing and resource allocation over transformative change. The analysis draws on document analysis and expert interviews to trace how this elite-centric model generates local resistance and communal violence, thereby undermining the agreement's core provisions on security, governance, and justice. The findings reveal a critical disjuncture between national-level political compromises and the realities of sub-national insecurity, offering new insights into the cyclical nature of conflict in South Sudan.