We present detailed bathymetry, remotely operated vehicle (ROV) and submersible observations, and sedimentary and radiocarbon age data from carbonate deposits recovered from two submerged terraces at − 150 m (T1) and − 230 m (T2) off Lanai, Hawaii. The tops of the terraces are veneered by relatively thin (<5 m) in situ accumulations of coralline algal nodule, coralgal nodule, Halimeda and a derived oolitic facies deposited in intermediate (30–60 m) to deep fore-reef slope settings (60–120 m). The data are used to develop a sedimentary facies model that is consistent with eustatic sea-level variations over the last 30 ka. Both nodule facies on T1 and T2 initiated growth 30–29 ka following a fall in sea level of ∼50 m and increase in bottom currents during the transition from Marine Isotope Stage 3 to 2. The nodules accreted slowly throughout the Last Glacial Maximum when sea-level was relatively stable. Drowning occurred during the early deglaciation (17–16 ka) and was marked by the complete drowning of coralline algal nodules facies on T2 and incipient drowning of coralgal facies on T1. Abrupt sea-level rise during the middle deglaciation, perhaps associated with global meltwater pulse 1A (14–15 ka), finally drowned the coralgal facies on T1, which in turn was overlain by a deep-water Halimeda facies or an oolitic facies derived from upslope. Our data indicates that Lanai has experienced relatively little vertical tectonic movement over the last 30 ka. Using paleobathymetric data derived from the sedimentary facies, age vs. depth relationships, and published sea-level curves, we estimate that Lanai could be either slowly uplifting or subsiding, but at rates <0.1 m/kyr (uplift) or <0.4 m/kyr (subsidence) over this 30 kyr period.