The evolution of complex volcanic structures usually includes the occurrence of flank collapse events. Monogenetic cones, however, are more stable edifices with minor rafting processes that remove part of the cone slopes. We present the eruptive history of Mazo volcano (Lanzarote, Canary Islands), including the first detailed description of a syn-eruptive debris avalanche affecting a volcanic monogenetic edifice. The study and characterization, through new geological and morphological data and the analysis of a great number of documentary data, have made it possible to reinterpret this volcano and assign it to the Timanfaya eruption (1730–1736). The eruptive style evolved from Hawaiian to Strombolian until a flank collapse occurred, destroying a great part of the edifice, and forming a debris avalanche exhibiting all the features that define collapsing volcanic structures. The existence of blocks from the substrate suggests a volcano-tectonic process associated with a fracture acting simultaneously with the eruption. The sudden decompression caused a blast that produced pyroclasts that covered most of the island. This study forces to change the current low-hazard perception usually linked to monogenetic eruptions and provides a new eruptive scenario to be considered in volcanic hazards analysis and mitigation strategies development.