Higher education professional associations (HEPAs) are well-established agents of knowledge production and have been influential in shaping higher education policies and practices. In the context of US international higher education, HEPAs have contributed to the rise of 'internationalization' as a discursive practice. Proposing an analytical framework that takes up Foucauldian analysis of discourse and studies in governmentality, this paper examines a corpus of ACE and NAFSA reports in order to trace the emergence of internationalization and its lines of transformation as both a regime of truth and a regime of practice in the context of US higher education over the last 30 or so years. The findings of this study illustrate that since its emergence in the 1980s, HEPAs have participated in the transformation of internationalization from a discourse of exchange to a discourse of competition.