The Cerrado biome is Brazil's breadbasket and a major provider of ecosystem services, though these dual roles are increasingly at odds, in part because there are few mechanisms to protect remaining vegetation from large‐scale agricultural expansion. We assessed Cerrado conversion to soy using over 580,000 property boundaries, covering 77% of the biome that is eligible for commercial land use, and using microwatersheds, to cover 100% of eligible areas. Soy expansion accounted for 22% of conversion during 2003–14. Only 15% of clearing exceeded restrictions on private properties under the Forest Code (FC). However, 51% of soy farms have violated the FC, five times the rate of other farms. As a leading cause of both Cerrado conversion and FC violations, the soy sector has environmental and economic incentives to shift production to already cleared land. We used suitability maps to identify potential pathways for soy expansion across both old and new cropland frontiers.