A glacial lake outburst flood (GLOF) is a phenomenon that is widely known by researchers because such an event can wreak havoc on the natural environment as well as on manmade infrastructure. Therefore, a GLOF risk assessment is necessary, especially within river basins with hydropower plants, and may lead to a tremendous amount of socioeconomic loss if not done. However, due to the subjective and objective limitations of the available GLOF risk assessment methods, we have proposed a new and easily applied method with a wider application and without the need for adaptation changes in accordance with the subject area, which also allows for the repeated use of this model. In this study, we focused our efforts on the Upper Arun Hydroelectric Project (UAHEP) in the Arun River Basin, and we (1) identified 49 glacial lakes with areas greater than 0.1 km2; (2) geographically represented and analyzed these 49 glacial lakes for the period of 1990–2018; (3) analyzed the correlation between the temperature and precipitation trends and the occurrence of recorded GLOF events in the region; (4) proposed a new method based on the documented affected lengths and volumes derived from historical GLOF events to identify 4 potentially critical lakes; and (5) evaluated the discharge profiles using widely used empirical methods and further discussed the physical properties, triggering factors, and outburst probability of the critical lakes. To achieve these objectives, a series of intensive and integrated desk studies, data collections, and GLOF simulations and analyses were performed.