This study analyzes the territorial and maritime dispute between Nicaragua and Colombia. The long dispute between two countries resulted in a trial at the International Court of Justice. The final verdict from the International Court of Justice created more tension between Colombia and Nicaragua due to the fact that Colombia did not accept the end result from the ICJ while Nicaragua welcomed it. By analyzing the case of territorial conflict between Nicaragua and Colombia, this study indicates that Latin American particularity of territorial conflicts, the small likelihood of full-scale war, derives not only from the fact that the conflict area contains natural resources or is of the strategical importance of the region but also from the fact that persistent historical dispute of boundaries provides incentives to the conflicts. In addition, this study offers a valuable lesson to Korean society regarding its on-going conflict over Dok-do with Japan.