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We present a conceptual model for evaluating post-fire hydrologic vulnerability and risk. We suggest that post-fire risk assessment of potential hydrologic hazards should adopt a probability-based approach that considers varying site susceptibility in conjunction with a range of potential storms and that determines the hydrologic response magnitudes likely to affect values-at-risk. Our review suggests that improved risk assessment requires better understanding in several key areas including quantification of interactions between varying storm intensities and measures of site susceptibility, the varying effects of soil water repellency, and the spatial scaling of post-fire hydrologic response across rangeland–xeric forest plant communities.