The last decade has witnessed the rapid emergence of CBA as a key component of adaptation research and practice, including in the Arctic. The growth in the importance of CBA in northern regions, however, has not been matched with critical reflections on what it means to do CBA, beyond statements on the importance of ‘engaging’ communities. To this end, this article covers novel ground, bringing together multidisciplinary academic researchers and emerging scholars to identify, examine, and reflect on the opportunities, tensions, and challenges of doing CBA with Inuit communities. We argue that although CBA is a powerful approach for supporting communities to adapt to climate change, researchers need to be aware of the challenges of such work and the potential maladaptive implications that may result. Indeed, we caution against the uncritical rush to adopt CBA approaches evident in much Arctic‐focused climate change research.