Community-based research (CBR) is a relatively new methodology characterised by the co-generation of knowledge. As CBR is integrated into institutional frameworks, it becomes increasingly important to understand what differentiates CBR from other research. To date, there has been no systematic study of CBR values and principles, which tend to be offered as a list of considerations that are taken as given rather than problematised. Similarly, research has not explored the ways in which understandings of CBR’s underlying values differ among individual researchers compared to the broader research values of a large university. In this article, we report the findings of a Delphi study which addresses these gaps through a systematic, cross-disciplinary survey of CBR researchers at a large Canadian research university. Our findings indicate diverse and complex understandings of both the potentially political nature of CBR and the perceived values of the respondents’ institution.