The megacity of Tehran, the capital of Iran, is subjected to a high earthquake risk. Located at the central part of the Alpine–Himalayan seismic belt, Tehran is surrounded by several active faults that show some M7+ historical earthquake records. The high seismic hazard in combination with a dense population distribution and several vulnerability factors mean Tehran is one of the top 20 worldwide megacities at a high earthquake risk. This article aims to prepare an assessment of the present-day earthquake risk in Tehran. First, the earthquake risk components including hazard, exposure, and vulnerability are evaluated based on some accessible GIS-based datasets (e.g., seismicity, geology, active faults, population distribution, land use, urban fabric, buildings’ height and occupancy, structure types, and ages, as well as the vicinity to some critical infrastructures). Then, earthquake hazard maps in terms of PGA are prepared using a probabilistic approach as well as a surface rupture width map. Exposure and vulnerability maps are also provided deterministically in terms of population density and hybrid physical vulnerability, respectively. Finally, all these components are combined in a spatial framework and an earthquake risk map is provided for Tehran.