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Sweden’s role internationally is often cited as a paradox which is argued to have its origin in the opposition between the state’s international humanitarianism and its large arms export. The tension here has often been examined from the perspectives of militarization in research on the subject. This thesis instead argued that a comprehensive understanding of peace is needed to analyze the paradox holistically. By semiotically engaging with the Swedish Government's annual reports on arms export control, this thesis could identify the construction of peace within the arms export during the years 2014-2021. A usage of the combined perspectives of pacifization, militarization and an in-depth review of the peace concept, allowed for a comprehensive understanding of peace within these discourses. The thesis discovered that elements of the Swedish arms export were framed as (1) a precondition for peace, (2) an agreement of peace, and (3) an enhancement of peace. Moreover, the material revealed the juxtaposition of two different versions of peace, one liberal and one emancipatory understanding. As these versions are associated with different values and practices of peace, their coexistence in Swedish arms export is argued to be the heart of Sweden’s foreign policy paradox.