Camacho was born on an American military base in Japan while his father, who would later become Guam's first elected governor, was serving in the military. He was raised in Tamuning, Guam and was educated in the Catholic school system. He then received a degree in business administration and finance in 1980 from Marquette University
Camacho has held positions with Pacific Financial Corporation as an insurance manager and with IBM as an account administrator. In March 1988, Governor Joseph Ada appointed him as deputy director of the Public Utility Agency of Guam and later that year he was chosen as executive director of the department. In 1992, Camacho was elected as senator in the Twenty-second Guam Legislature, subsequently winning seats in the twenty-third, twenty-fourth, and twenty-sixth legislatures. As a representative, he served as chariman of the Committe on Tourism, Transportation, and Economic Development. He also served as a majority whip.
In 1998, Camacho was the running mate of Joseph Ada in the hotly contested 1998 campaign. Their loss resulted in Camacho's absence from public office for the next two years. Having won in the 2000 election, Camacho returned to the legislature and regained his chairmanship, as well as the position of assistant majority leader.
Due to various disagreements with Moylan during their first term, Camacho picked freshman senator Michael W. Cruz, M.D. as his running mate in 2006. Camacho again defeated Robert Underwood (this time with senator Frank Aguon, Jr. as running mate) to win the governorship for a second term.
He is a member of the Knights of Columbus and participates in many civic activities. He was honored as one of the Outstanding Young Men of America and received the Pacific Jaycees Three Young Outstanding People award. He is married to Joann G. Camacho and has three children.