The Lake Kariba fishery is of regional importance; it accounts for 35% of the total Zambian fish production. However, emerging evidence in the recent decades suggests that the fishery is facing socio-economic and environmental challenges. Using Ostrom’s framework for analysing socio-ecological systems, we examined the social, economic, and environmental problems faced by the fishing communities in Lake Kariba. The framework links various social, economic, and ecological factors to devise a sustainable fisheries management plan. A combination of survey questionnaires, focus group discussions, observations, and key informant interviews were used to assess this sustainability challenge. The data collected were subjected to bivariate and descriptive analysis. The results obtained did not show a significant decline in fish production over the past 13 years (R2 Linear = 0.119, p = 0.248). However, the experts and the fishers have reported declining trends in valuable fish species such as Oreochromis mortimeri, compounded by the increased fishing efforts (X2 = 180.14, p value = ˂ 0.00001). The key threats identified include: overfishing, weak institutions, and the introduction of invasive fish species such as Oreochromis niloticus. This situation has raised fears of fish depletion among the stakeholders. Based on these results, we recommend stronger institutional collaboration among the stakeholders in the riparian states and education that illustrates the global value of fisheries for food security and biodiversity conservation in pursuing the United Nations Sustainable Development Goals.