This article explores the longitudinal dynamics of youth gang transformation in urban Nicaragua. On the basis of an overview of successive gang iterations that have emerged over the past 30 years in barrio Luis Fanor Hernández, a poor neighborhood in Managua, the capital city of Nicaragua, the article identifies key elements for the articulation of a political economy of both change and stability. In particular, drawing on Bourdieusian theory, it conceives of a gang as a “social field” rather than as a discrete organizational form. It traces how different processes of individual and collective capital accumulation underpinning the social order promulgated by distinct gang iterations emerge and interact with each other, and the consequences that this has for their evolution over time. In doing so, the article offers a better understanding of the logic of what might be termed “gang rule(s)”.