Social relations in heritage places evolve, and these changes shape the formation, continuity, and reconfiguration of the social capacities of heritage communities. This study seeks to understand how social relations and relational capacities change in the process of urban heritage conservation and continuity, to explain the transformation of social relations and relational capacities in the context of the Tabriz Historic Bazaar World Heritage Site, with a focus on the concept of “Fluid Social Capital.” In this study, the concept is employed as an analytical lens for examining changes in the states of social relations and relational capacities over time. Accordingly, to address the main research question—“How does Fluid Social Capital influence the process of urban heritage conservation and continuity through the transformation, social suspension, and reconfiguration of social relations in the Tabriz Historic Bazaar?”—the study adopted a qualitative–exploratory approach. Data were collected through semi-structured interviews with 27 bazaar traders and analyzed using thematic analysis with MAXQDA 2020. The findings revealed the presence of lived experience of the bazaar, mutual recognition, everyday interactions, trust, support and cooperation, shared memory, identity and attachment, commitments, and expectations within participants’ social relations. Alongside these elements, reduced interaction, suspended interaction, reactivation of relationships, and changes in modes of communication were also identified in the data. The analysis indicated that mutual recognition, trust, shared memory, expectations, and commitments play a role in tracing relational capacities and analyzing relational transformation. The fundamental finding of the study is the capacity of social relations for continuity, change, and reconfiguration under changing conditions. Accordingly, Fluid Social Capital provides a relational framework for analyzing the social capacities of conservation and strengthens attention to relational capacities in the continuity and conservation of urban heritage.