The tourism sector has continuously evolved and restructured due to technological, economic, and social transformations. Experiential tourism is an approach that takes tourists from being mere observers to placing them at the center of the experience, encouraging them to learn new things and personally develop during their travels. The study explores the perceptions of tourists who participate in paragliding regarding their experiences with adventure and experiential tourism. Paragliding involves uncertainty, risk, adrenaline, adventure, and experience, as opposed to the traditional understanding of travel as safe and guided. This study aims to uncover the relationships between risk, benefit, evaluation, co-creation, trust, satisfaction, and future intention among local and foreign tourists participating in paragliding activities within an experiential context. Therefore, the study examines the relationships of the experiential perceptions of tourists participating in paragliding. In the data collection phase, researchers conducted face-to-face questionnaires with 381 local and foreign tourists who experienced tandem paragliding activity in Fethiye Babadag. After eliminating incomplete or incorrectly filled surveys, 321 surveys were analyzed. The data were processed using SPSS 27 and AMOS 23 statistical package programs. The research focuses on the perceptions of paragliders’ experiential risk, benefits, value, co-creation, trust, satisfaction, and future intentions. Structural equation modeling was applied to examine these perceptions. The results suggest that there are positive correlations between various aspects of experiential tourism, such as benefits and satisfaction, benefits and trust, satisfaction and future intentions, and trust and future intentions. However, the study did not find any connection between experiential evolution and satisfaction, or between experiential evolution and trust. Similarly, there were no observed relationships between experiential co-creation and satisfaction, or between experiential co-creation and trust. Additionally, the study revealed that risk perception does not impact satisfaction and that trust does not influence risk perception. These results align with the adventurous nature of paragliding.