We investigate the wave energy potential in the Caribbean Sea using a 30-year wave hindcast. Wave energy in enclosed sea basins, such as the Gulf of Mexico and the Caribbean Sea, is commonly associated with lower energy production rates. However, an easterly zonal wind reaching 13 m/s, known as the Caribbean Low-Level Jet (CCLJ), is shown to control the wave climatology in the Caribbean Sea. The wave hindcast information is validated with altimetry (Globwave) and buoy (DIMAR) data from the Colombian Caribbean Sea. The wave hindcast performance is very satisfactory at two buoy locations (Barranquilla and Providencia) and with respect to altimetry information, but presents an underprediction of extreme events at Puerto Bolivar. Therefore, an assessment of wave energy in the study area, based on wave hindcast information, is conducted to investigate the wave energy potential in such enclosed area. Numerical results suggest that the CLLJ region is suitable for wave energy extraction (8–14 kW/m) and presents important spatial gradients that need to be considered for the installation of wave energy devices. Furthermore, it is found that locally generated (sea) wave energy can be suitable for energy production and hence future technology development should be devoted to its harvesting.