Abstract Objectives To explore the experiences of older Peruvian adults living in urban areas of Lima under lockdown due to the National COVID-19 Emergency, this study analyzes how older adults (aged 60 and above) exercise agency while also living with the negative impacts of COVID-19 and related control measures. Methods Between August and December 2020, our research team conducted a telephone-based, qualitative study, in which we undertook semi-structured interviews with a purposive sample of low-income older adults living with chronic multi-morbidities and limited resources. Forty older adults, 24 women and 16 men, with a mean age of 72 years, participated in the study. For data analysis, we employed thematic analysis with a predominantly inductive approach. Results Older adults demonstrated several forms of agency to regulate emotions, maintain crucial bonds, foster social relationships, and seek economic and food security. Older adults experienced entertainment and support by caring for pets, undertaking farm work, and practicing their religious beliefs. For several participants and their families, quarantine was an opportunity to strengthen family relationships and learn new technologies. Older adults and their families re-organized themselves to assume new roles and perform activities that improved self-worth and confidence thereby improving their wellbeing and mental health. Discussion Peruvian older adults exerted agency in different ways to respond to and sustain their mental health during the COVID-19 lockdown. Policy makers should value and recognize the agency of older adults when planning future health responses.