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In this paper, a new extension of Lomax distribution called the exponentiated power Lomax (EPOLO) distribution is proposed. The proposed model accommodates monotonically increasing, decreasing, and unimodal hazard rates. A full study of the proposed model parameters using four techniques is introduced and a simulation study is performed to examine the performance of the four methods of estimation for both complete and censored data. EPOLO distribution is utilized to fit the number of revolutions of ball bearings, the tumor size of lung cancer patients, and the confirmed total deaths of the COVID‐19 in Egypt and it provides better fits than some well‐known distributions.