Negative consequences of value co-creation in consumer information systems are rarely assessed in information systems (IS) research. In this empirical case study, we focus on contradictions and structural tensions in information technology (IT)-enabled value co-creation: geocaching. Geocaching is a treasure-hunting, recreational activity that uses Global Positioning System (GPS) technology. Based on analysis, we identified four contradictions: i) an open secret society exists; ii) hedonism-seeking undermines hedonistic experiences; iii) one can experience nature while consuming it; and iv) building community occurs with competition. Based on the results, we offer implications for research on value co-creation and the practice of geocaching.