Asian elephants (Elephas maximus) are endangered mega-herbivores, occur in different parts of human-dominated landscapes in Asia, and are often involved in crop raiding, property damage, and attacks on humans. Their impact on the social vulnerability of subsistence farmers remains poorly understood. In this study, we examined the social dimensions of human–elephant conflict (HEC) and its effects on the livelihoods of subsistence farmers in Nepal’s Tarai landscape during 2016-2020. Approximately 90% of respondents (n = 1,060) reported experiencing increased HEC in the past five years, including crop damage (47%), property losses (38%), and human casualties (15%), with Bardiya and Jhapa districts exhibiting the highest exposure and sensitivity to HEC. The Social Vulnerability Index, based on the Sustainable Livelihood Framework, indicated medium to high vulnerability to crop loss, with physical capital showing the greatest vulnerability, followed by financial capital, and human capital the lowest. These findings highlight that limited adaptive capacity significantly increases the risk of elephant-induced crop loss in Nepal. Strengthening effective, context-specific crop protection strategies, particularly through improved physical infrastructure and enhanced financial support at the farm level, is urgently needed.