Salmon aquaculture has emerged as a successful economic industry generating high economic revenues to invest in the development of Chiloe region, Southern Chile. However, salmon aquaculture also consumes a substantial amount of ecosystem services, and the direct and indirect impacts on human wellbeing are still unknown and unexplored. This paper identifies the synergies and trade-offs caused by the salmon industry on a range of ecosystem services. The results show that large economic benefits due to the increase of provisioning ecosystem services are also causing a reduction on regulating and cultural services. Despite the improvement on average income and poverty levels experienced in communities closely associated with the sector, this progress is not large enough and social welfare did not improve substantially over the last decade. The rest of human wellbeing constituents in Chiloe region have not changed significantly compared to the development in the rest of the country.