Corporate fraud has become a significant challenge in emerging economies, hampering economic development and investor confidence. Forensic accounting has emerged as a powerful mechanism to combat and prevent such fraud by blending investigative techniques with financial acumen. This research paper examines the role of forensic accounting in fraud detection and prevention, the methodologies used, challenges faced in emerging economies, and proposes measures to enhance its effectiveness. The study draws on case studies, secondary data, and recent trends to offer a comprehensive understanding of forensic accounting as a strategic tool in the financial landscape.