Central nervous system (CNS) therapeutics remain a defining challenge for nanomedicine because successful delivery requires nanocarriers to navigate a route-dependent cascade of biological barriers, including systemic clearance, peripheral organ sequestration, blood–brain barrier (BBB) interaction or bypass, CNS tissue penetration, target-cell internalization, and functional payload availability. This Perspective critically compares lipid nanoparticles (LNPs) and exosome-based systems as two leading non-viral nanocarrier platforms for CNS therapeutics. Rather than seeking a universal winner, we frame them as complementary delivery philosophies: engineering-led controllability for LNPs and biology-led functionality for exosome-based systems. We argue that CNS nanocarrier success must be defined by functional delivery rather than mere brain accumulation. LNPs offer scalable manufacturing, efficient nucleic acid encapsulation, tunable lipid chemistry, and clinical validation, but remain limited by peripheral clearance, restricted BBB penetration, and inefficient endosomal escape. Exosome-based systems offer endogenous communication pathways, membrane recognition, and biological interface functions, but their translation is hindered by source heterogeneity, difficult isolation and drug loading, batch inconsistency, endogenous cargo concerns, and regulatory ambiguity. Parkinson’s disease is used as a representative stress-test indication to illustrate how disease stage, target cell, therapeutic cargo, and route of administration should dictate platform choice. The field must move beyond universal platform ranking toward mechanism-matched selection and matched functional benchmarking. Future progress may depend on convergent designs that address defined delivery bottlenecks and combine LNP manufacturing rigor and payload control with exosome-inspired biological interface functions. Such precision hybrid nanocarriers should be tailored to specific CNS disease biology, delivery routes, and clinical realities.