The involvement of non-academic actors in research has become a key characteristic of sustainability studies. As part of this trend, modellers increasingly turn to Participatory Modelling to incorporate stakeholders' knowledge, perceptions, norms, and values in the development of formalized, shared representations of social-ecological systems. While stakeholder participation has been shown to have many advantages, its limits are not adequately discussed in the contemporary Participatory Modeling literature. In particular, there is a lack of engagement with insights from fields that have a long participatory research tradition, such as development studies. To address this gap, the thesis employs Fuzzy Cognitive Mapping (FCM), a widely employed form of PM, in a case study in Peru, aiming to map the socio-ecological drivers, impacts, and related adaptation strategies in the context of Harmful Algal Blooms involving diverse groups of local stakeholders. Subsequently, the thesis critically reflects on the participatory knowledge production process, drawing on sociology and development studies literature. By identifying and discussing the limitations of the participatory approach within this specific case study, the thesis aims to contribute to the development of best practices specific to FCM.