This chapter critically deliberates on the governance of transboundary waters in the dynamic contexts of climate change induced stresses on the environment. As several nations share river basins, transboundary water governance must go beyond techno-engineered and structural approaches which are neither cognizant of geo-political complexities nor of socio-ecological vulnerabilities of riparian communities that face drought, heat stress, and diminishing water availability. Neoliberal and free-market arrangement further leads to the privatization and commodification of water, altering the terms of equitable water distribution, and sustainable water management. Rivers are not regarded as dynamic and “living-breathing” ecosystems but as a limitless resource for extraction, under modernist pursuits of development, thus underscoring the need for harmonized and balanced approaches to local realities and vulnerabilities of riparian communities. By way of exemplars, the chapter draws on regional specificities of the Kosi, Gandak, and Nile River basins to demonstrate the inadequacies of engineered interventions and the need to invest in non-structural measures such as transboundary water cooperation, water diplomacy and participatory community-based approaches. Thus, transboundary water governance must be recast to ensure that it is risk informed and also fully acknowledges both everyday socio-ecological risks posed by environmental hazards as well as geo-political risks posed by transnational and cross-border tensions. A transformative approach that is not only infused with a risk consciousness but also strives towards mitigative measures using models for transboundary water cooperation is necessary. Such transformative approaches must replace top-down paradigms and be rooted in agendas for community participation, regional peace, equity and justice to combat water challenges effectively.