Lake Pamvotis is a shallow, eutrophic Mediterranean lake with ecological significance. This paper deals with the evaluation of cyanobacterial toxicity in Lake Pamvotis. ELISA and HPLC revealed the presence of significant amounts of MCYST-LR. Danio rerio bioassay confirmed the toxic nature of the bloom. Cyanobacterial extracts had adverse toxic effects on development of D. rerio. Also, it was shown that cyanobacterial extracts containing environmentally detected concentrations of MCYST can cause reduced survival rate of fish species. The results clearly indicate that cyanobacterial blooms in Lake Pamvotis may be regarded as human and fish health hazard. Continuous monitoring of the lake is suggested, in order to prevent future possible intoxications.