Incessant flooding is a major hazard in Lagos State, Nigeria, occurring concurrently with increased urbanization and urban expansion rate. Consequently, there is a need for an assessment of Land Use and Land Cover (LULC) changes over time in the context of flood hazard mapping to evaluate the possible causes of flood increment in the State. Four major land cover types (water, wetland, vegetation, and developed) were mapped and analyzed over 35 years in the study area. We introduced a map-matrix-based, post-classification LULC change detection method to estimate multi-year land cover changes between 1986 and 2000, 2000 and 2016, 2016 and 2020, and 1986 and 2020. Seven criteria were identified as potential causative factors responsible for the increasing flood hazards in the study area. Their weights were estimated using a combined (hybrid) Analytical Hierarchy Process (AHP) and Shannon Entropy weighting method. The resulting flood hazard categories were very high, high, moderate, low, and very low hazard levels. Analysis of the LULC change in the context of flood hazard suggests that most changes in LULC result in the conversion of wetland areas into developed areas and unplanned development in very high to moderate flood hazard zones. There was a 69% decrease in wetland and 94% increase in the developed area during the 35 years. While wetland was a primary land cover type in 1986, it became the least land cover type in 2020. These LULC changes could be responsible for the rise in flooding in the State.