The bioeconomy provides a platform for reflecting on the reassessment or valuation of local biocultural resources, such as the ahuilote (Vitex mollis Kunth). Despite being overlooked in certain areas, this fruit of pre-Hispanic heritage presents an opportunity in the Valles region of Jalisco, Mexico, for the utilization and integration of cultural knowledge with a sustainable approach to natural resource use. The significance of ahuilote is highlighted in Ahualulco de Mercado and Etzatlán, in the Valles region, where the “Ahuilote Fair” is held in the former municipality. A qualitative methodology was employed, involving semi-structured interviews with key informants, such as gatherers, vendors, and artisans, to gather insights into traditional and current uses of the fruit. Informants noted that the fruit has traditionally been used for fresh consumption, processing, and particularly for its medicinal properties (both the fruits and the leaves). Its aromatic leaves, attractive violet or blue flowers, and sweet fruits, which darken when ripe, have contributed to a long history of local use. However, this tradition may diminish due to a lack of recognition by new generations. This species can serve as a model to expand the understanding of the economy-nature connection in regions transitioning to a utilitarian model of natural resources. This chapter explores how biocultural heritage can foster a plural, sustainable, and environmentally responsible bioeconomic development, demonstrating how the local circular bioeconomy approach aligns environmental sustainability with social, cultural, and economic advancement.