The exploration of governance issues with regard to the sustainable development of and risk mitigation in megacities is crucial, as it provides knowledge on the feasibility of urban development strategies and insights into – actual and potential – risk-creating policies and practices. This chapter therefore introduces the most salient aspects of urban governance in Latin America in general and Santiago de Chile in particular. It outlines a framework for the analysis of urban governance and presents the findings obtained by applying this framework to the case of Santiago. These findings hint at some particularly notable governance challenges – primarily the weak position of both local and regional authorities, as well as the sometimes overly strong interest coalitions between public and private partners. It is likewise evident, however, that there is no universal solution to these challenges. Chapter 15 will further explore the implications of the arguments presented in this chapter.