Abstract Transformative biodiversity conservation requires innovative approaches that expand knowledge production in complex social‐ecological systems, incorporating diverse perspectives to effectively address biodiversity loss. Conservation efforts often involve working with incomplete data, uncertain conditions and unforeseen challenges, while also navigating the varied power dynamics, values and interests of multiple actors. Beyond optimising existing conservation practices, designing transformative conservation actions requires generating innovative, action‐oriented solutions that embrace value plurality and integrate diverse knowledge systems. However, the ways to effectively foster transformative change in conservation remain underexplored. By following a pragmatist approach, this article explores the theoretical and practical contributions of sensemaking and abductive reasoning processes in fostering creative problem‐solving to achieve more innovative, just conservation outcomes. We start by elaborating the meanings of sensemaking processes triggered by surprises and uncertainty and explain their key role when moving from well‐structured problems to addressing complex systemic issues in conservation. We then present the abductive logic (of ‘what may be’), a key form of reasoning within sensemaking processes, and how it can be used to complement inductive and deductive approaches to critically explore plausible accounts of complex problems. Using illustrative examples, we show how actors can organise action‐oriented research in ways that effectively engages in scientifically informed and culturally appropriate sensemaking processes. We argue that nurturing attention, curiosity and creativity allows sensemaking processes to stimulate novel interpretations and organisations of uncertain, interconnected challenges characterising biodiversity conservation problems. When combined with action‐oriented research, sensemaking and abductive reasoning contribute to activating novel thinking for approaching complex problems in biodiversity conservation and enable spaces for value and knowledge pluralism. Collaborative approaches involving diverse actors to foster collective sensemaking can enable context‐sensitive, actionable solutions, while promoting social learning through meaningful participation and enhancing collective capacities to address biodiversity loss. We conclude by discussing key challenges in engaging with sensemaking processes and suggesting practices for enhancing the transformative potential of sensemaking for transformative biodiversity conservation. Read the free Plain Language Summary for this article on the Journal blog.