The post-cold war emergence of Private Military Companies (PMCs) is part of a larger phenomenon, the privatization of violence in general and warfare in particular. While a minority of scholars argue that once legalized and regulated, PMCs could turn into facilitators of development through the restoration of peace in war-torn countries, this paper argues that such a position misunderstands certain basic aspects of PMCs and highlights the issues of accountability and transparency that prevent corporate mercenaries from being actors for peace and development.