Understanding the recovery rate of forest carbon stocks and biodiversity after disturbance, including fire, is vital for developing effective climate-change-mitigation policies and actions. In this study, live and dead carbon stocks aboveground, belowground, and in the soil to a 30 cm depth, as well as tree and shrub species diversity, were measured in a tropical lowland dry forest, 23 years after a fire in 1998, for comparison with adjacent unburned reference forests. The results showed that 23 years since the fire was insufficient, in this case, to recover live forest carbon and plant species diversity, to the level of the reference forests. The total carbon stock, in the recovering 23-year-old forest, was 199 Mg C ha−1 or about 90% of the unburned forest (220 Mg C ha−1), mainly due to the contribution of coarse woody debris and an increase in the 5–10 cm soil horizon’s organic carbon, in the burned forest. The carbon held in the live biomass of the recovering forest (79 Mg C ha−1) was just over half the 146 Mg C ha−1 of the reference forest. Based on a biomass mean annual increment of 6.24 ± 1.59 Mg ha−1 yr−1, about 46 ± 17 years would be required for the aboveground live biomass to recover to equivalence with the reference forest. In total, 176 plant species were recorded in the 23-year post-fire forest, compared with 216 in the unburned reference forest. The pioneer species Macaranga gigantea dominated in the 23-year post-fire forest, which was yet to regain the similar stand structural and compositional elements as those found in the adjacent unburned reference forest.