Rangeland sustainability, as the foundation of local livelihoods and the guardian of ecological functions, depends on effective governance systems. This study aimed to analyze and compare the socio-economic and ecological consequences of two contrasting rangeland utilization regimes (leasehold and commons) in Shahindezh County. The research employed a hybrid survey approach, and data were collected using a researcher-made questionnaire from eligible exploiters (35 common-rights holders and 28 leaseholders). To examine multidimensional relationships, Partial Least Squares Structural Equation Modeling (PLS-SEM) and Hierarchical Component Modeling (HCM) were applied. The HCM results, with high path coefficients in explaining ecological (0.956) and socio-economic (0.947) dimensions, revealed that rangeland sustainability is a multidimensional socio-ecological issue. Factor load analysis confirmed that the leasehold regime constitutes a serious and multifaceted threat. In the ecological dimension, the indicator “increase in shrub cutting and ecological degradation” (0.886) was the strongest driver of destruction, followed by “soil erosion” and “reduction in forage production capacity.” This outcome stems from short-term exploitation incentives in the absence of secure usufruct rights. In the socio-economic dimension, the indicators “decline in investment motivation” (0.798) and “reduction in social participation” (0.789) reflected the weakening of social capital and long-term protective mechanisms under the leasehold regime. Consequently, the sustainability of Shahindezh rangelands requires urgent policy revision and a shift toward participatory and commons-based systems. Such systems, by granting long-term usufruct rights and strengthening local institutions, enable sustainable management and enhance socio-ecological resilience. Thus, the findings not only highlight the importance of reforming utilization policies but also underscore the necessity of addressing the interlinkages between social and ecological dimensions.