We examine the relation between the dynamics of Lemaître–Tolman–Bondi (LTB) dust models (with and without Λ) and the dynamics of dust perturbations in two of the more familiar formalisms used in cosmology: the metric based cosmological perturbation theory (CPT) and the covariant gauge invariant (GIC) perturbations. For this purpose we recast the evolution of LTB models in terms of a covariant and gauge invariant formalism of local and nonlocal “exact fluctuations” on a Friedmann–Lemaître–Robertson–Walker (FLRW) background defined by suitable averages of covariant scalars. We examine the properties of these fluctuations, which can be defined for a confined comoving domain or for an asymptotic domain extending to whole time slices. In particular, the nonlocal density fluctuation provides a covariant and precise definition for the notion of the “density contrast.” We show that in their linear regime these LTB exact fluctuations (local and nonlocal) are fully equivalent to the conventional cosmological perturbations in the synchronous-comoving gauge of CPT and to GIC perturbations. As an immediate consequence, we show the time-invariance of the spatial curvature perturbation in a simple form. The present work may provide important theoretical connections between the exact and perturbative (linear or nonlinear) approach to the dynamics of dust sources in general relativity.