The article draws on the theoretical perspective of Third World Approaches to International Law (TWAIL) to review a case study in international investment arbitration. The case study is an International Chamber of Commerce arbitration arising from controversies over Bechtel, Enron, and the Dabhol project in India. Following a detailed discussion of this case study, it is suggested that the TWAIL perspective provides a useful reference for organizing critique but is less relevant to the identification of specific options for reform in international arbitration or strategies to encourage, manage, or regulate investment for social ends.