Contemporaneous mass‐transport deposits (MTDs) recorded in lake and fjord sediments provide evidence of past seismic shaking. However, because they are usually not connected to a fault rupture, assessment of the earthquake source remains difficult. Based on observed coseismic mass wasting and associated seismic shaking, previous studies assigned minimum intensities required to trigger them. Attempts to infer their earthquake source relied on methods developed to estimate the location and magnitude of historical earthquakes using intensity prediction equations, but considered these thresholds as actual intensities. Here we develop a probabilistic method to infer the most likely earthquake sources from the spatial distribution (or absence) of MTDs. This approach simultaneously allows the triggering intensity to exceed the assumed threshold and takes into account intensity prediction equation uncertainties, two shortcomings of existing methods. Additionally, we consider known active faults rather than a grid of possible epicenters. We apply this method to Aysén Fjord (southern Chile), which is intersected by the Liquiñe‐Ofqui Fault Zone. In 2007, an MW = 6.2 earthquake hit the fjord with intensities of VIII+, causing major landslides entering the fjord. Seismic‐reflection profiles show that its sedimentary fill contains nine prehistoric MTD levels. Following a sensitivity analysis, application of the method to the MTD record allows identifying the most likely fault sections and magnitude range for most events, confirming that they are mainly attributed to crustal earthquakes on the Liquiñe‐Ofqui Fault Zone. We conclude that the method has good potential to constrain the size and location of paleoearthquakes for which only shaking evidence is available.