The aim of the study was to estimate the financial impact (direct and indirect costs) of livestock theft and to identify different methods farmers used to control stock theft in the Free State Province of South Africa. The study used primary data collected from 292 commercial livestock farmers from the five municipalities of the Free State province. The direct and indirect cost of livestock theft rate was significant and mostly a higher level of management led to lower livestock theft losses. Livestock theft should be controlled successfully in order to sustain the South African livestock industry and competitiveness. The study recommends that there should be coordination and collaboration among all key role players in the industry including government institutions, the South African Police Service, agricultural businesses or organisations, farmer’s unions and stock theft units. The role players should target, eradicate or reduce stock theft and encourage controlling mechanisms in order to enhance food security, sustain livestock competitiveness and achieve sustainable development goals by reducing hunger and poverty.