Bhola Slum, located in Bangladesh’s capital of Dhaka, originated as a consequence of out-migration from Bhola Island in 1970 following the devastating Bhola Cyclone. Since this original wave of migration, the Liberation War, numerous natural hazard events, climate change impacts, and limited economic opportunities have led new waves of migrants to leave Bhola Island for this urban enclave. Out-migrations from Bhola Island today are driven by a desire to leave behind hardship and risk, diversify livelihood options, and avoid the increasing frequency and intensity of environmental stressors such as riverbank erosion. This article discusses some of the challenges posed by rural–urban migration in Bangladesh, drawing on a case study undertaken with residents of Bhola Slum in Dhaka city. This case study shows how one set of risks are often replaced by another as rural migrants arrive in precarious urban settings that lack the resources and services necessary to meet basic human needs. Thus, migrants become enmeshed in a vicious cycle of vulnerability, leaving a situation that is untenable only to encounter new uncertainties and threats to their livelihoods, assets and economic stability. Given this situation, questions emerge around how to manage complex challenges and risks to ensure that livelihoods can be sustained and protected in these new environments in the short and long-term.