This paper reveals new meanings of rural development emerging following a dramatic land reform program and changes in the roles of capital in Zimbabwe. The economy-wide crisis wrought by capital flight in response to the fast track land reform program (FTLRP) carried out from 2000 reconfigured the financing and marketing of agricultural produce thereby created new a paradigm of rural development in Zimbabwe. The initial slowdown in agricultural production that caused de-industrialisation in urban areas is currently undergoing a reversal process. However, not much research has been carried out to reveal the emerging meanings of rural development in Zimbabwe. The FTLRP resulted in the reconfiguration of the land ownership patterns that significantly changed land utilisation patterns. In seeking to reveal the new meanings of rural development in Zimbabwe, this paper applies empirical data collected through documentary analysis, two surveys and in-depth interviews carried out in Hwedza and Mvurwi between 2016 and 2019. The article informs the debate on land and rural development in Zimbabwe. In so doing, the paper concludes that rural development has been reshaped in line with the new land use patterns in rural Zimbabwe. Private indigenous agrarian capital and the demands of the smallholder farmers undergird rural development as opposed to public investment and large-scale commercial farming capital of the past.