We studied the migratory behaviour of armado, Pterodoras granulosus, in the Paraná River Basin of Brazil, Paraguay and Argentina, during 1997–2005. This species invaded the Upper Paraná River after upstream dispersal was facilitated when Itaipu Reservoir inundated a natural barrier. Fish were tagged (N = 8051) in the mainstems of the Yacyreta and Itaipu reservoirs, bays of major tributaries, the Paraná River floodplain above Itaipu Reservoir, and below dams. In all, 420 fish were recaptured of which 61% moved away from the release area. Fish moved a maximum of 215 km (mean 42), and at a maximum rate of 9.4 km·day⁻¹ (mean 0.6). Of the 256 armados that moved away from the release site, 145 moved upstream towards unimpounded stretches of the Paraná River and 111 moved downstream into the reservoir and bays of its tributaries (maximum 150 km). Based on the observed migratory movements, we suspect that most of the reproductive output originates in tributaries to the reservoirs. The ability of this species to expand its range presents a conundrum by pitting fishery management interests against conservation needs. Maintenance of the important armado fisheries depends on the ability of the species to migrate freely to use spawning and nursery areas in reservoir tributaries and floodplains. However, its ability to migrate long distances can allow this non-native species the opportunity to invade most of the Upper Paraná River.