The reconfiguration of Southeast Asia (SEA) is explored, with respect to the “emergence of India and the rise of China”, in shaping the region as a multipolar political space, focusing on understanding the fluidity of SEA as an economic and political source of regional power, especially in the aftermath of the diffusion of bipolar political “dominance” in the region with the end of the Cold War. An examination of the political economy and the formation of regional powers reveals the nature of this fluidity and its transformation. The region will play a large role in determining the futures of India and China where not only their impact on the region, but also its impact on them, will contribute to the ways in which the two nations evolve.