Reindeer herding is a nature-based livelihood of the indigenous Sámi people in northern parts of Europe and Russia. During the last decades, reindeer herding has become a more significant issue in the context of the market economy: the livelihood has transformed toward entrepreneurship, and the subsidies demand growth in the scale of herding. According to the national administration, the market values are highlighted. However, for herders, market economies are only one part of their livelihood. Another important part is their experience of reindeer herding as a way of life; for many reindeer herders trust in their livelihood and the social relations associated with their way of life are of equal or greater importance than economic aspects. In this paper, the role of social trust in the changing process of reindeer herding is discussed. Inherited tacit and cultural knowledge, as a part of social capital, strengthen reindeer herders’ experience of trust.