Drawing from liberation psychology as well as progressive traditions within psychoanalysis, psychoanalytic liberation psychology represents a paradigmatic approach to practice, one that moves away from regressive disciplinary orthodoxies and toward the flows of desire and emotion that characterize emancipatory political spaces. For psychoanalytic liberation psychology, the manner by which fantasy is engaged within anti-capitalist movements remains, somewhat curiously, under-considered. In this article, I reflect on my work with a South African social movement to flesh out some of the progressive and regressive valances of fantasy in the context of social movement building. Specifically, I consider how psychoanalytic liberation psychology may and may not be of use to anti-capitalist resistance movement actors whose political activity is undergirded by a bricolage of fantasies, breakdowns in fantasy, and holding reality accountable to liberatory fantasies. I conclude by speculating what fantasy might mean for future psychoanalytic liberation psychology work.