Diagnosing climate variability and environmental change in floodable regions is essential for understanding and mitigating impacts on natural ecosystems. Our objective was to characterize environmental degradation in the Brazilian Pantanal by identifying changes in vegetation and water cover over a 30-year period using remote sensing techniques. We evaluated surface physical–hydric parameters, including Land Use and Land Cover (LULC) maps, Normalized Difference Vegetation Index (NDVI), Modified Normalized Difference Water Index (MNDWI), Normalized Difference Moisture Index (NDMI), and precipitation data. There was a decrease in the area of water bodies (−9.9%), wetlands (−5.7%), and forest formation (−3.0%), accompanied by an increase in the area of pastureland (7.4%). The NDVI showed significant changes in vegetation cover (−0.69 to 0.81), while the MNDWI showed a decrease in water surface areas (−0.73 to 0.93) and the NDMI showed a continuous decrease in vegetation moisture (−0.53 to 1). Precipitation also decreased over the years, reaching a minimum of 595 mm. Vegetation indices and land use maps revealed significant changes in vegetation and loss of water bodies in the Pantanal, reinforcing the need for sustainable management, recovery of degraded areas, and promotion of ecotourism to balance environmental conservation and local development.