Forest-cover change has become an important topic in global biodiversity conservation in recent decades because of the high rates of forest loss in different parts of the world, especially in the tropical region. While human interventions are the major cause, natural disasters also contribute to forest cover changes. During the past decades, several studies have been conducted to address different aspects of forest cover changes (e.g., drivers of deforestation, degradation, interventions) in different parts of the world. In Sri Lanka, increasing rates of forest loss have been recorded during the last 100 years on a regional basis, especially in the dry zone. However, Sri Lanka needs detailed studies that employ contemporary data and robust analytical tools to understand the patterns of forest cover changes and their drivers. The dry zone of Sri Lanka encompasses 59% of the total land area of the country, ergo, the most extensive forest cover. Our study analyzed forest cover dynamics and its drivers between 1992 and 2019. Our specific objectives included (i) producing a forest cover map for 2019, (ii) analyzing the spatiotemporal patterns of forest cover changes from 1992 to 2019, and (iii) determining the main driving forces. Landsat 8 images were used to develop forest-cover maps for 2019, and the rest of the forest cover maps (1992, 1999, and 2010) were obtained from the Forest Department of Sri Lanka. In this study, we found that the dry zone had undergone rapid forest loss (246,958.4 ha) during the past 27 years, which accounts for 8.0% of the net forest cover changes. From 2010 to 2019, the rates of forest loss were high, and this can be associated with the rapid infrastructure development of the country. The findings of this study can be used as a proxy to reform current forest policies and enhance the forest sustainability of the study area.