The hills of Nepal face a complex triad of interrelated challenges: low income, outmigration, and land abandonment leading to aquifer desiccation, with low income serving as the precursor of this vicious cycle. The Nepalese hills harbor two significant yet underutilized potentials. First, the picturesque terraces, a legacy of preceding generations, are unfortunately abandoned and neglected. Second, these hills harbor diverse landrace varieties of rice, each with unique traits, though only a limited number among them have received the deserved recognition and fair market prices. This study seeks to identify and analyze these rice varieties, investigate their value chain, and conduct a comparative cost-benefit analysis against other rice varieties across Nepal to evaluate their economic feasibility. This study, conducted across 12 districts in Eastern Nepal, involved 12 focused group discussions with rice farmers, 200 individual interviews with rice farmers, as well as 10 individual interviews each with rice millers, agro vets, and rice traders. The research employed cost-benefit analysis as a tool to assess economic feasibility. The findings indicated that some of these rice varieties demonstrate a benefit-to-cost ratio ranging from two to four times higher than conventional rice varieties. The economic viability of most other varieties remains unknown as they have not yet been tested in the market. These findings present crucial insights for researchers, policymakers, development practitioners, and the private sector to further explore, act upon, facilitate, and invest in the untapped potential, aiming to break the vicious cycle and ensure increased income, reduced migration, and conservation of ecological and environmental resources.