The accumulation and partitioning of crustal strain in central Tibet remain debated. July 23, 2020, Mw 6.4 earthquake in the Nima region (≈86.864°E/33.144°N) thus provides an opportunity to gain insight into local, ongoing deformation. Here, we use Sentinel‐1 SAR data to assess co‐seismic deformation during that earthquake, and nonlinear/linear inversions to determine the location and geometry of the source and the finite fault slip distribution. The results show that the maximum surface subsidence was ≈25 cm, the causative fault had a ≈N28°E strike and ≈48° dip eastwards, and that the largest normal slip, with a peak of ≈1.5 m, occurred between 5 and 10 km depths. Details of the earthquake surface rupture were derived from a UAV‐based field survey. At three distinct sites, the high‐resolution UAV images revealed discontinuous, ≈N35°E‐trending arrays of fresh en‐echelon cracks and ≤20 cm‐high, free‐faced normal scarps, along a ≈10 km‐long, ≈20 m‐wide zone following the ≈ vertically projected western limit of maximum interferometric synthetic aperture radar slip at depth. These results, consistent with an earthquake intensity distribution based on building damage inspection, show that 2020 earthquake only broke a short segment of the west Yibu Chaka normal fault, along the middle stretch of the 300 km‐long Riganpei Co‐Yibu Chaka‐Jiangai Zangbo fault zone. Regional Coulomb stress changes suggest that larger, Mw 7+ earthquakes should be expected on the geomorphologically more prominent, ≈50 km‐long normal faults bounding the east side of the Yibu Chaka lake pull‐apart, and on the 120 km‐long, sinistral Riganpei‐Co fault to the southwest.