Beira Lake, located in Colombo, Sri Lanka, has suffered severe anthropogenic impacts, with previous restoration attempts failing due to a limited understanding of pollutant dynamics. Aiming to fill this gap, a comprehensive study was conducted during dry and wet seasons to assess the spatiotemporal water pollution of Beira Lake, employing key physicochemical parameters, numerical indices, and remote sensing analysis. The water pollution index (WPI) results categorize Beira Lake as highly polluted, with WPI values ranging from 2.38 ± 0.92 in the wet season to 2.53 ± 1.32 in the dry season. Comparatively higher COD levels recorded in the Beira Lake network, especially for Gangarama Lake show significant pollution levels during both the dry and wet seasons, e.g., the highest COD levels, at 306.40 mg/L, were observed during the wet season. The Trophic State Index (TSI) results indicate eutrophic and hypereutrophic conditions in Beira Lake, which are particularly pronounced during the wet season. The heavy metal pollution index (HPI) results suggest elevated heavy metal concentrations in Beira Lake, especially in the wet season. Combined with field investigation results, a remote sensing data analysis between 2016 and 2023 reveals significant improvements in water transparency, suggesting positive effects of recent management interventions. Parameters demanding attention include COD, nitrate, and total phosphate levels due to their consistent exceedance of permissible limits. The PCA results of indices correlations between wet and dry seasons offer valuable insights into the complex dynamics of Beira Lake’s water quality. The study makes recommendations for restoring Beira Lake, including stringent pollution controls, regular dredging, green infrastructure implementation, implementing new rules and regulations, and community engagement.