<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001139678</cik>
        <entityName>FIRST LIGHT CAPITAL, L.P.</entityName>
        <issuerAddress>
            <street1>3627 Sacramento Street</street1>
            <city>SAN FRANCISCO</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94118</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>415-447-9007</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>FIRST LIGHT CAPITAL L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Not Applicable</firstName>
                <lastName>First Light GP, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3627 Sacramento Street</street1>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94118</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>First Light GP, LLC is the general partner of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <lastName>Stovell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3627 Sacramento Street</street1>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94118</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Stovell is the managing member of First Light GP, LLC, the general partner of the issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001139678-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2001-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Laura Rhoads</recipientName>
                <recipientCRDNumber>4221277</recipientCRDNumber>
                <associatedBDName>James River Securities Group</associatedBDName>
                <associatedBDCRDNumber>38477</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>58 Broad Street Road</street1>
                    <street2>103 Sabot Park</street2>
                    <city>Manakin-Sabot</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>23103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Access Securities Inc.</recipientName>
                <recipientCRDNumber>22455</recipientCRDNumber>
                <associatedBDName>CR Bartels Jr. dba Coolidge Rock Capital</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>30 Buxton Farm Road</street1>
                    <street2>Suite 300</street2>
                    <city>Stamford</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <zipCode>06905</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>24009607</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>1</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>62</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>No investors have been solicited by the finders to date.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FIRST LIGHT CAPITAL, L.P.</issuerName>
                <signatureName>/s/ Peter Stovell</signatureName>
                <nameOfSigner>Peter Stovell</nameOfSigner>
                <signatureTitle>Managing Member of the General Partner</signatureTitle>
                <signatureDate>2010-03-05</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
