Whilst it is farmed throughout the world, the species' native wild populations are overexploited and significant population decreases are inferred from the decreases in average catch size; a reduction of over 20% is also inferred for the last three generation period and further research is required to investigate future trends. This species has therefore been assessed as Near Threatened.

This species is native to the Amazon and Orinoco basins (Gery 1977) spanning Bolivia, Brazil, Ecuador, Colombia, Venezuela and Peru. The species has been introduced to Guyana, USA, Thailand, Jamaica, China, Bangladesh, Puerto Rico, Panama, Philippines, Cuba, Honduras, Hungary, Hawaii, and Indonesia (Welcomme 1988).

Within the Amazon Basin this species has exhibited decreases in population. These reductions are attributed to the intense fishing of this species spanning the last three decades. In the 1970s Colossoma macropmum represented 40% of the landings with the Amazon's main freshwater fishery harbour (Petrere 1978). This decreased into the 1980s when the figure dropped to 10% (Merona and Bittencourt 1988), and in 2000s when it dropped again to 5% of landings (Batista and Petrere 2003). In agreement with the assumed population decreases linked to the landing data, those specimens caught have also shown a decrease in mean size in both Manau in the Amazonas and Santarem, Para States fishing harbours, suggesting that the population decreases are dramatic (Freitas et al. 2007). Most recently a study in Manau fishing harbour showed the smallest mean fish length to date of Amazon based studies of this species, with the majority of fish captured being juveniles and 56% of landings being below the legal minimum catch size for Brazil (Campos et al. 2015). The species is currently exhibiting evidence of overexploitation with mortality estimated at 20% greater than the mortality for maximum sustainable yield. As such, in the absence of exact trend data, using the drop in fishing landings up until the 2000s as a rough baseline, it is suspected that the species may have continued to decline within the last three generation period (c. 12.3 years); at a reduction rate of at least 20%, and possibly more. Assuming the population also continues to decline as a result of overexploitation (and other habitat-related threats), a continuing decline in mature individuals is inferred. Further research is however required to investigate if population declines will continue in the future.

This species is an important and valuable freshwater South American fish, where it is the second largest scaled species. It has omnivorous with frugivorous tendencies (Zapata-Pallida and Usma-Oveido 2013) and can reach up to a meter in length and 30 kg (Campos et al. 2015) on a diet largely composed of nuts and seeds, although their diet is largely determined by the flood pulse (Oliveira et al. 2006). It has been identified as an important vector in seed dispersal and thus is important in the ecology of the habitats in which it is found.

The species is largely solitary. Among its other qualities, its ability to survive in mineral and oxygen deficient water and high resistance to disease make it an ideal subject for pisciculture. The life cycle of Colossoma macropomum is closely linked to the floodplain patterns of the Amazon and Orinoco basins, where individuals begin life in the blackwaters of flood plains before moving into rivers once reaching their adult phase (Carolsfeld et al. 2003, Campos et al. 2015). It is considered important in maintaining flooded forest ecosystems. The contribution to fishery in Colombia is also significant, but relatively low. The species is considered a medium distance migrant; in the Orinoco basin, the migration begins between March and June, the spawning occurs in floodplains during the flooding season, in which each female could release up to 1 million eggs (Novoa 2002). Migration involves travelling hundreds of kilometres between its main tributaries and spawning grounds in the flood plains and feeding grounds within flooded forests. Juveniles remain in nursery areas during low water after adults return to rivers.

The current impact of fishing in the Amazon basin is estimated to be 20% greater than the optimal sustainable rate. The species is particularly susceptible due to its slow growth rate. This species is reported to be overexploited throughout much of its native range; whilst there is a minimum catch size of 55 cm across most of the species' range, much smaller individuals (20 cm) can easily be found in the fish markets of Brazil and Colombia. The early take of juveniles is estimated to have an increased negative impact on the species recruitment and population growth. The use of gill nets within flooded forests is cited as a contributor to overexploitation (Araujo-Lima and Ruffino 2004). In addition to direct exploitation, the species is also negatively impacted by deforestation for agriculture, dam construction and general habitat degradation.

This fish is considered to be very valuable. It is farmed across much of South America and used as a food source both fresh and frozen. It is also used in aquaculture and private and public aquariums where its eventual large size is believed to have lead to releases in water bodies across the world. It is also considered an important fish in sport fishing (Carolsfeld et al. 2004).

Current conservation efforts include a minimum capture size; 620 mm in Bolivia; 600 mm in the Orinoco River; and 550 mm in the Amazon and Caquetá Rivers. One of the greatest concerns is the lack of enforcement. In addition to current measures, a six-month restriction of fishing coinciding with the reproductive season is recommended to enable stable recruitment (Campos et al. 2015). There is a disproportionate amount of research into the captive breeding of this species and the lack of research into the status of wild populations; improved research into the population and habitat patterns of wild native populations of the species would be advantageous.

Previously, the Bolivian population of Colossoma macropomum has been evaluated as Vulnerable (Van Damme et al. 2009).