Interactions between humans and nature have profound consequences, which rarely are mutually beneficial. Further, behavioral and environmental changes can turn human-wildlife cooperative interactions into conflicts, threatening their continued existence. By tracking fine-scale behavioral interactions between artisanal fishers and wild dolphins targeting migratory mullets, we reveal that foraging synchrony is key to benefiting both predators. Dolphins herd mullet schools toward the coast, increasing prey availability within the reach of the net-casting fishers, who gain higher foraging success-but only when matching the casting behavior with the dolphins' foraging cues. In turn, when dolphins approach the fishers' nets closely and cue fishers in, they dive for longer and modify their active foraging echolocation to match the time it takes for nets to sink and close over mullets-but only when fishers respond to their foraging cues appropriately. Using long-term demographic surveys, we show that cooperative foraging generates socioeconomic benefits for net-casting fishers and ca. 13% survival benefits for cooperative dolphins by minimizing spatial overlap with bycatch-prone fisheries. However, recent declines in mullet availability are threatening these short- and long-term benefits by reducing the foraging success of net-casting fishers and increasing the exposure of dolphins to bycatch in the alternative fisheries. Using a numerical model parametrized with our empirical data, we predict that environmental and behavioral changes are pushing this traditional human-dolphin cooperation toward extinction. We propose two possible conservation actions targeting fishers' behavior that could prevent the erosion of this century-old fishery, thereby safeguarding one of the last remaining cases of human-wildlife cooperation.