Water resources face risks due to water use stress and water scarcity. Collective and integrated actions by different institutions and stakeholders are needed to reduce future water risks. This paper aimed to assess the potential for a water stewardship partnership in River Nzoia Basin to reduce future water risks facing the ecosystem, agriculture, and other sectors by quantifying water risks and mapping stakeholders for a water stewardship partnership in the basin. Water risks were quantified using indicators from remote sensing platforms and secondary sources. Stakeholder mapping was conducted using stakeholder analysis, while stakeholders' views were collected using questionnaires. The results showed that there is a high fluctuation in the vegetation cover and primary productivity in the basin pointing to a degradation and deforestation. It was also noted that there is an increase in the frequency and severity of drought and high evapotranspiration rates in some parts of the basin due to the low vegetation cover. Combining the results indicated an increase in water risk between 2000 and 2014 in different parts of the basin at a different magnitude of risks. The conducted interviews found that the basin lacked a stewardship program. However, there was a potential for a successful stewardship partnership among stakeholders as most of the stakeholders showed their ability to play a role in the stewardship program. The paper showed a need to form a water stewardship program at the basin to tackle drought, deforestation, and land degradation. The proposed water stewardship program should be built on commitment, transparency, and inclusivity.