This study assesses the feasibility of co-management arrangements in managing scalloped spiny lobster (Panulirus homarus) fishery in the Sultanate of Oman. The appraisal is conducted using various indicators involving pre-implementation phase and institutional characteristics and substantiated by findings of the review of relevant local and global literature and the results of a structured questionnaire survey conducted during 9-28 June, 2013 with 536 randomly selected fishers from three Governorates namely Al-Sharqiyah South, Al-Wusta, and Dhofar. The former method helps identifying suitable assessment criteria and provides indication of readiness while the later method helps determining primary stakeholders' perceived views on various aspects of regulatory measures and co-management arrangements. While findings related to fishers' commitments, willingness to support government decisions, willingness to participate in co-operative research, and preference for co-operative decision-making are promising, institutional weaknesses identified under the category of 'interactive organization', 'resource ownership and control', 'existence of planned process', and 'diversity' should be of major concerns for policy-makers in moving towards co-management arrangements. Based on the findings some policy implications are also discussed.