Here we examined the response mechanisms and the strategies adopted to cope with drought stress in Jatropha curcas L. Response mechanisms to water stress were explored in three different accessions (from Brazil, Tanzania and Suriname) of J. curcas in terms of water and osmotic relations, gas exchange, PSII photochemistry, and growth performances. Plants were exposed to 18 days of water stress (irrigation was kept at 20% of water holding capacity) followed by 13 days of relief from stress. J. curcas withstands drought stress with a drought-avoidance mechanism through a water saving strategy. These responses include selective abscission of leaves, and marked decreases in net photosynthetic rates and water use efficiency. This allows plants to maintain an “above-lethal” water potential during stress, and to recover net assimilation rate promptly when water availability to the roots is resumed. The Suriname accession displayed greater reductions in net photosynthesis, maximal efficiency of PSII photochemistry (Fv/Fm), total leaf area and plant dry weight, as compared with both Tanzania and, particularly, the Brazil accession, during drought stress. Impairment of PSII photochemistry was also observed in the Suriname accession at the end of the relief period. Water-stressed J. curcas, irrespective of seed source, was capable to recover net photosynthesis to the level of the well watered counterparts by the end of the relief period. Our data allow to conclude that J. curcas may survive to drought spells of moderate intensities but, at the same time pose serious concerns for its profitable cultivation in arid/semi-arid regions worldwide.