This article examines the relationship between refugees and the regional dynamics of peacebuilding. It argues that recent approaches to peacebuilding have adopted a narrow understanding of conflict. The article outlines the links between protracted refugee situations and regional insecurity to argue that the relationship between peacebuilding and refugees goes beyond repatriation. Instead, the presence of spoilers within the refugee-populated areas, the potential for early and forced repatriation, and the politicization of refugees while in exile have all the proven potential to undermine peacebuilding efforts, while the experience of exile may enable refugees to contribute to the peacebuilding process.