This article examines whether memory, in the Colombian context, is strengthening transitional justice in its contribution to reconciliation. We took Colombia as a case study because the Final Peace Agreement signed in 2016 has become a global benchmark for the negotiated resolution of armed conflicts and a source of lessons learned. While in other transitional processes, memory has been a step, a complement, or a replacement for justice, in Colombia, memory is playing a fundamental role in the judicial sanction of the perpetrators. Consequently, an analysis of the Colombian case explores the potential and limits of memorial initiatives in peacebuilding, considering both the advances and obstacles present in the post-agreement scenario. Based on a set of interviews with experts and victims of the Colombian conflict, the article claims that memory can benefit peacebuilding and reconciliation if it is exemplary, polyphonic, and participative. Otherwise, it can reinforce social divisions and political contestation.