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The quantitative description of relationships and propagation between different forms of drought at multiple spatiotemporal scales in various geographical locations is informative for early drought warning systems. This study intends to evaluate the historical hydrometeorological drought from 1984–2015 in the Soan River Basin, which is a critical water source for the Pothwar region of Pakistan. The reconnaissance drought index (RDI) and standardized runoff index (SRI) are used to characterize meteorological and hydrological droughts, respectively. The spatiotemporal variations of the RDI and SRI demonstrated that 2000 and 2010 were extremely dry and wet years, respectively. The results further reveal that the frequency of hydrometeorological drought events was higher in a shorter time scale (3 and 6 months), while durations featured longer timescales (9 and 12 months). The RDI and SRI time series showed a significant decreasing trend in terms of the Mann–Kendal and Sen slope estimator (SSE) results. Cross-correlation analysis for RDI and SRI with a time lag acknowledged the existence of a sequence between the RDI and SRI and a positive relationship between the two indices. The findings of this study could be helpful for better understanding drought variability and water resource management.