We tested the response of seedlings of Dicorynia guianensis, a major timber tree species of French Guiana, to mycorrhizal symbiosis and water limitation in a semi-controlled experiment under natural light conditions. Under well-watered conditions, mycorrhizal colonization resulted in an increase of net photosynthesis, growth and phosphorus uptake. When submitted to water stress, no growth reduction of mycorrhizal seedlings was observed. Mycorrhizal seedlings were more sensitive to drought than non-mycorrhizal ones in terms of carbon assimilation, but not with regard to stomatal closure. In contrast to previous studies on temperate tree seedlings, this result precludes a mycorrhizal effect on the hydraulic properties of this species. Furthermore, our results suggest that below a specific threshold of soil moisture, carbon assimilation of D. guianensis seedlings was decreased by the mycorrhizal symbiosis. This is probably related to the competition between the plant and its host fungus for carbon allocation under low light intensity, even though it did not seem to have a significant effect on mortality in our experiment.