The growing environmental and economic pressures on organizations in emerging economies have amplified the importance of integrating sustainability into business models. The circular economy (CE), which emphasizes resource efficiency, waste reduction, and product life-cycle extension, has emerged as a transformative approach for sustainable development. However, successful implementation of CE practices requires not only technological and operational innovations but also a shift in leadership styles and organizational culture. Sustainable leadership, characterized by long-term vision, ethical decision-making, and stakeholder inclusivity, plays a critical role in driving CE initiatives. This paper develops a conceptual framework linking sustainable leadership with circular economy practices in the context of emerging economies. The study synthesizes existing literature on CE and leadership to identify the competencies, behaviors, and organizational structures that enable firms to adopt circular models. The opportunities include resource efficiency, new market creation, and social license to operate, while challenges include weak regulatory frameworks, lack of awareness, and limited access to green finance. The framework provides guidance for policymakers, managers, and researchers to integrate leadership and circularity as complementary drivers of sustainable growth.