Student suicide ideation increased globally during the SARS-CoV-2 pandemic. There is scarce literature addressing suicide ideation during global health crises. Therefore, this study investigates prevalence and predictors of suicide ideation during India’s COVID-19 Second Wave. We also examine the 3-Step Theory’s assertion that both pain and hopelessness are necessary to have suicidal thoughts. Sample recruitment was through an online anonymous questionnaire. Inclusion criteria included students aged 18 or older, living in India during the time of the study (N = 535). Data collection was through the online questionnaire. Three categories of variables were investigated as potential predictors of suicide ideation: Sociodemographic (e.g., age, gender, education, economic status), COVID-19-specific (e.g., online classes, fear of virus contagion, vaccination status) and Clinical (e.g., sad mood, fear, loneliness, hopelessness). Data analysis (using SPSS-26) included descriptive statistics for describing data characteristics, Spearman Rho Correlation (assess the strength and direction of association between variables), and Binary Logistic Regression to help identify predictors of suicide ideation. Ordinal variables were measured using Likert scales with some recoded into binomial variables for the Regression analysis. Clinical variables predicted suicidal ideation, including fear of failure (OR = 4.17, 95% CI:2.51–6.94; p < .001), sleep disturbance (OR = 3.04, CI:1.67–5.52; p < .001), loneliness (OR = 2.77, CI:1.21–6.32; p < .01), sadness (O = 2.89, CI:1.59–5.32), and loss of interest (OR = 2.60, CI:1.37–4.93). Suicidal thoughts were reported by 48.7% of the student-participants. The Three-Step Theory was partially supported, as students feeling psychological pain but not hopelessness still reported suicidal ideation. Anticipating future global health crises, policy-supported mental health mitigation strategies are critically needed for youth, designed to reduce suicidal ideation, enhance resiliency, and to foster mental skills. These should enable them to successfully manage unexpected life challenges.