Sri Lanka is at the threshold of its third transition within the space of a decade. The first took place in 2009 on the battlefields of the north when the LTTE was militarily defeated and the government regained control over the entirety of the country. The second transition took place in 2015 with the political defeat of the former government that won the war at the presidential and general elections that took place in the course of the year. The issue of Foreign Minister Ravi Karunanayake’s involvement in the Central Bank bond case and its potential fallout could be the third transition. The way that the polity, not just the government, tackles this issue could prove to have momentous consequences.