The ice-capped Cotopaxi volcano is known worldwide for the large-scale, catastrophic lahars that have occurred in connection with historical explosive eruptions. The most recent large-scale lahar event occurred in 1877 when scoria flows partially melted ice and snow of the summit glacier, generating debris flows that severely impacted all the river valleys originating from the volcano. The 1877 lahars have been considered in the recent years as a maximum expected event to define the hazard associated to lahar generation at Cotopaxi. Conversely, recent field-based studies have shown that such debris flows have occurred several times during the last 800 years of activity at Cotopaxi, and that the scale of lahars has been variable, including events much larger than that of 1877. Despite a rapid retreat of the summit ice cap over the past century, in fact, there are no data clearly suggesting that future events will be smaller than those observed in the deposits of the last 800 years of activity. In addition, geological field data prove that the lahar triggering mechanism also has to be considered as a key input parameter and, under appropriate eruptive mechanisms, a hazard scenario of a lahar with a volume 3-times larger than the 1877 event is likely. In order to analyze the impact scenarios in the southern drainage system of the volcano, simulations of inundation areas were performed with a semi-empirical model (LAHARZ), using input parameters including variable water volume. Results indicate that a lahar 3-times larger than the 1877 event would invade much wider areas than those flooded by the 1877 lahars along the southern valley system, eventually impacting highly-urbanized areas such as the city of Latacunga.