Extreme weather events (EWEs) such as hailstorms are an increasing threat to agriculture worldwide. To develop successful and efficient hailstorm risk management policies, it is important to understand the composition of farmers’ hailstorm risk perceptions. This study aims to identify the determinants of these risk perceptions. This is done by collecting pertinent information on the perceptions of risk, farm traits, adaptive capacity, and various other personal characteristics from farmers’ households in hailstorm-oriented areas of northern Bangladesh. By analyzing the explanatory power of various risk factors using the binary logistic regression model, this study reveals that the hailstorm risk perceptions of farmers are embodied by subjective risk factors, such as their perceived control of hailstorm risk, and their personal circumstances. Their perceived resources for tackling hailstorm risk are the most significant predictor variable of hailstorm risk perceptions. Marginal and smallholder farmers are very vulnerable and perceive more risk than is the case with the medium-holder and large-holder farmers, owing to the lack of a compensation policy after the occurrence of hailstorms. The relevant authorities should pay urgent attention to managing hailstorm risks by developing adequate adaptive capacity among farmers in northern Bangladesh.