The Lords of Waterdeep are the mysterious and predominantly anonymous ruling council of Waterdeep, having governed the city from the 11th century onwards.

They oversee the regional economy, maintaining security, performing diplomacy, and holds legal jurisdiction over the city and exerts their will over the surrounding lands for approximately 100 mi (160 km) beyond its walls.

A full council is comprised of 20 Lords, though this number might vary from 16 to 29. The full number of Lords is not always known and some Lords are kept secret

The Open Lord of Waterdeep (also called the “Unmasked Lord”) is the sole member of the Lords of Waterdeep whose identity is publicly known.

She holds a number of additional titles including Warden of Waterdeep, Overmaster of the Guilds, and Commander of the Watch.

The Open Lord is also the city's chief diplomat.

There is only one Open Lord at any one time. The current Open Lord is Laeral Silverhand.

There has been 7 Open Lords of Waterdeep

• Ahghairon the Mage (1032 DR - 1256 DR, died of very old age)
• Council of Guildmasters (1256 DR - 1273 DR, overthrown by Baeron Silmaeril and Shilarn Silmaeril)
• Baeron Silmaeril (1273 DR - 1308 DR, died of fever)
• Lhestyn the Masked Lady (1308 - 1314 DR, died natually. Child of Baeron Silmaeril and Shilarn Silmaeril)
• Piergeiron the Paladinson (1314 DR - 1379 DR, died of old age)
• Caladorn Cassalanter (1399 DR - 1442 DR, died of old age)
• Dagult Neverember (1468 DR - 1489 DR, living i Neverwinter)
• Lady Laeral Silverhand (1489 DR - still)