The “Sumpah Beruang” Program (Magic of Waste Changing Money) in Banyumas Regency is a collaborative waste management initiative involving government, KSM, TPST, the private sector, and community actors to support zero waste. This study aims to examine the roles, relationships, and forms of collaboration among stakeholders in the program's implementation. This research employed a qualitative case study design, with data collected through in-depth interviews, observations, and documentation. The findings show that collaboration develops through three stages of Ratner’s (2012) framework. First, stakeholders identify shared waste problems and address differences in community and operational interests through communication and technical responses. Second, strategies are developed through continuous communication, deliberation, and coordination, while tangible program benefits contribute to community support. Third, collaborative action integrates institutional support from the government, the operational capacity of KSM and TPST, community participation in source-based waste management, and technological support from PT Banyumas Investama Jaya. Monitoring and evaluation further connect TPST reporting, government oversight, field verification, and corrective actions. The study highlights that collaborative waste management depends on interdependent actor roles, complementary resources, and continuous coordination. However, this study is limited by its focus on selected government, private-sector, and TPST-related informants and does not comprehensively represent community perspectives. Future research should examine broader community and private-sector perspectives and compare collaborative waste management initiatives across different regional contexts.