The dust storm crisis, as a complex environmental challenge in arid and semi-arid regions-particularly in Iran’s Khuzestan Province-results from a combination of natural factors (such as drought and climate change) and human-induced factors (including excessive dam construction, the drying of wetlands, and unsustainable water resource management in neighboring countries such as Iraq, Syria, and Saudi Arabia). This phenomenon is not merely an environmental issue; it also has geopolitical dimensions and poses serious threats to economic and social security. The main objective of this study is to provide a geopolitical analysis of this crisis and to explain its impacts on the economic security (such as declining agricultural and industrial production) and social security (including public health and migration) of Khuzestan Province, while also proposing strategies for crisis management and the enhancement of regional cooperation. The study adopts a qualitative approach, employing thematic analysis based on Braun and Clarke’s six-phase model, along with grounded theory procedures (open, axial, and selective coding). The research population consists of 24 experts, environmental specialists, executive managers, and local stakeholders, selected through purposive and snowball sampling until theoretical saturation was achieved. Data were collected through in-depth semi-structured interviews. Analysis of the interviews yielded 1,482 initial codes, 64 meaning clusters, and 12 main themes. The core category identified was “the geopolitics of resource governance failure and low resilience: a crisis-generating cycle in Khuzestan.” This category reflects a cycle composed of structural factors (with 70% of dust sources being transboundary, and the drying of wetlands such as Hoor al-Azim, which has experienced a 70% reduction in water surface area), governance weaknesses (lack of regional coordination, short-term policies, and budget constraints), economic consequences (a 30–40% decline in agricultural production such as wheat and dates, and disruptions in the oil industry and transportation), and social consequences (a 25–35% increase in respiratory and psychological diseases, migration of 15–20% of rural populations, and a decline in social cohesion). Low resilience and environmental justice inequalities further intensify this cycle.