This paper presents a spatially explicit bioeconomic analysis of species conservation in agricultural areas. Wild species in fragmented agricultural landscapes are best approached as metapopulations consisting of a finite number of local populations. Economic analysis of species conservation in fragmented habitat needs to deal with metapopulation theory and its theoretical implications. This paper presents a spatially explicit bioeconomic model consisting of a straightforward economic land use model and an applied metapopulation model. This paper demonstrates that multiple equilibria and multiple local optima in metapopulations might lead to nonconvexities in the production possibilities set of agricultural profits and species conservation.