High‐quality records of hydroclimate variability in central Mexico during the last 2000 years are necessary to better understand human–environment interactions in Mesoamerica. Of particular interest are the climatic conditions during the Epiclassic period (ad 600–900), as droughts have been associated with a cultural demise occurring around ad 900–1000. We reconstruct the hydroclimate history of the last 2000 years based on a sediment record from a drought‐sensitive lake located near one of the most important Epiclassic city‐states in Mesoamerica. Titanium concentrations, pollen and diatoms give a consistent environmental signal of five droughts occurring at about: (i) ad 50–250, (ii) ad 700–950, (iii) ad 1200–1300, (iv) ad 1450–1550 and (v) ad 1760–1820. Some droughts were associated with cooler climatic conditions, and all of them framed major historical events. Our results show that the great cultural development of the Epiclassic period ( ad 600–900) was framed by a scenario of drought conditions followed by abandonment at ad 900–1000. A brief return to moister conditions is recorded before another drought during the time of the fall of the city‐state of Tula (1200). European contact (1521) and the War of Independence (1810–20) also occurred during times of drought.