diff --git a/3rdparty/find_dependencies.cmake b/3rdparty/find_dependencies.cmake
index cb012c07533..dd42dd535eb 100644
--- a/3rdparty/find_dependencies.cmake
+++ b/3rdparty/find_dependencies.cmake
@@ -269,7 +269,7 @@ endfunction()
 #        If <pkg> also defines targets, use them instead and pass them via TARGETS option.
 #
 function(open3d_find_package_3rdparty_library name)
-    cmake_parse_arguments(arg "PUBLIC;HEADER;REQUIRED;QUIET" "PACKAGE;PACKAGE_VERSION_VAR" "TARGETS;INCLUDE_DIRS;LIBRARIES" ${ARGN})
+    cmake_parse_arguments(arg "PUBLIC;HEADER;REQUIRED;QUIET" "PACKAGE;VERSION;PACKAGE_VERSION_VAR" "TARGETS;INCLUDE_DIRS;LIBRARIES" ${ARGN})
     if(arg_UNPARSED_ARGUMENTS)
         message(STATUS "Unparsed: ${arg_UNPARSED_ARGUMENTS}")
         message(FATAL_ERROR "Invalid syntax: open3d_find_package_3rdparty_library(${name} ${ARGN})")
@@ -281,6 +281,9 @@ function(open3d_find_package_3rdparty_library name)
         set(arg_PACKAGE_VERSION_VAR "${arg_PACKAGE}_VERSION")
     endif()
     set(find_package_args "")
+    if(arg_VERSION)
+        list(APPEND find_package_args "${arg_VERSION}")
+    endif()
     if(arg_REQUIRED)
         list(APPEND find_package_args "REQUIRED")
     endif()
@@ -596,6 +599,7 @@ endif()
 if(USE_SYSTEM_NANOFLANN)
     open3d_find_package_3rdparty_library(3rdparty_nanoflann
         PACKAGE nanoflann
+        VERSION 1.5.0
         TARGETS nanoflann::nanoflann
     )
     if(NOT 3rdparty_nanoflann_FOUND)
diff --git a/3rdparty/nanoflann/nanoflann.cmake b/3rdparty/nanoflann/nanoflann.cmake
index 91437f9b77c..5afa4f22d03 100644
--- a/3rdparty/nanoflann/nanoflann.cmake
+++ b/3rdparty/nanoflann/nanoflann.cmake
@@ -3,8 +3,8 @@ include(ExternalProject)
 ExternalProject_Add(
     ext_nanoflann
     PREFIX nanoflann
-    URL https://github.com/jlblancoc/nanoflann/archive/refs/tags/v1.3.2.tar.gz
-    URL_HASH SHA256=e100b5fc8d72e9426a80312d852a62c05ddefd23f17cbb22ccd8b458b11d0bea
+    URL https://github.com/jlblancoc/nanoflann/archive/refs/tags/v1.5.0.tar.gz
+    URL_HASH SHA256=89aecfef1a956ccba7e40f24561846d064f309bc547cc184af7f4426e42f8e65
     DOWNLOAD_DIR "${OPEN3D_THIRD_PARTY_DOWNLOAD_DIR}/nanoflann"
     UPDATE_COMMAND ""
     CONFIGURE_COMMAND ""
diff --git a/cpp/open3d/core/nns/NanoFlannImpl.h b/cpp/open3d/core/nns/NanoFlannImpl.h
index f090611818e..027d6d0c4ee 100644
--- a/cpp/open3d/core/nns/NanoFlannImpl.h
+++ b/cpp/open3d/core/nns/NanoFlannImpl.h
@@ -233,7 +233,7 @@ void _RadiusSearchCPU(NanoFlannIndexHolderBase *holder,
     std::vector<std::vector<T>> neighbors_distances(num_queries);
     std::vector<uint32_t> neighbors_count(num_queries, 0);
 
-    nanoflann::SearchParams params;
+    nanoflann::SearchParameters params;
     params.sorted = sort;
 
     auto holder_ =
@@ -241,7 +241,7 @@ void _RadiusSearchCPU(NanoFlannIndexHolderBase *holder,
     tbb::parallel_for(
             tbb::blocked_range<size_t>(0, num_queries),
             [&](const tbb::blocked_range<size_t> &r) {
-                std::vector<std::pair<TIndex, T>> search_result;
+                std::vector<nanoflann::ResultItem<TIndex, T>> search_result;
                 for (size_t i = r.begin(); i != r.end(); ++i) {
                     T radius = radii[i];
                     if (METRIC == L2) {
@@ -346,7 +346,7 @@ void _HybridSearchCPU(NanoFlannIndexHolderBase *holder,
     output_allocator.AllocDistances(&distances_ptr, num_indices);
     output_allocator.AllocCounts(&counts_ptr, num_queries);
 
-    nanoflann::SearchParams params;
+    nanoflann::SearchParameters params;
     params.sorted = true;
 
     auto holder_ =
@@ -354,7 +354,7 @@ void _HybridSearchCPU(NanoFlannIndexHolderBase *holder,
     tbb::parallel_for(
             tbb::blocked_range<size_t>(0, num_queries),
             [&](const tbb::blocked_range<size_t> &r) {
-                std::vector<std::pair<TIndex, T>> ret_matches;
+                std::vector<nanoflann::ResultItem<TIndex, T>> ret_matches;
                 for (size_t i = r.begin(); i != r.end(); ++i) {
                     size_t num_results = holder_->index_->radiusSearch(
                             &queries[i * dimension], radius_squared,
diff --git a/cpp/open3d/geometry/KDTreeFlann.cpp b/cpp/open3d/geometry/KDTreeFlann.cpp
index 4324e9cbe36..d93175a8d43 100644
--- a/cpp/open3d/geometry/KDTreeFlann.cpp
+++ b/cpp/open3d/geometry/KDTreeFlann.cpp
@@ -104,7 +104,7 @@ int KDTreeFlann::SearchKNN(const T &query,
     indices.resize(knn);
     distance2.resize(knn);
     std::vector<Eigen::Index> indices_eigen(knn);
-    int k = nanoflann_index_->index->knnSearch(
+    int k = nanoflann_index_->index_->knnSearch(
             query.data(), knn, indices_eigen.data(), distance2.data());
     indices.resize(k);
     distance2.resize(k);
@@ -125,10 +125,10 @@ int KDTreeFlann::SearchRadius(const T &query,
         size_t(query.rows()) != dimension_) {
         return -1;
     }
-    std::vector<std::pair<Eigen::Index, double>> indices_dists;
-    int k = nanoflann_index_->index->radiusSearch(
+    std::vector<nanoflann::ResultItem<Eigen::Index, double>> indices_dists;
+    int k = nanoflann_index_->index_->radiusSearch(
             query.data(), radius * radius, indices_dists,
-            nanoflann::SearchParams(-1, 0.0));
+            nanoflann::SearchParameters(0.0));
     indices.resize(k);
     distance2.resize(k);
     for (int i = 0; i < k; ++i) {
@@ -154,7 +154,7 @@ int KDTreeFlann::SearchHybrid(const T &query,
     }
     distance2.resize(max_nn);
     std::vector<Eigen::Index> indices_eigen(max_nn);
-    int k = nanoflann_index_->index->knnSearch(
+    int k = nanoflann_index_->index_->knnSearch(
             query.data(), max_nn, indices_eigen.data(), distance2.data());
     k = std::distance(distance2.begin(),
                       std::lower_bound(distance2.begin(), distance2.begin() + k,
@@ -178,7 +178,7 @@ bool KDTreeFlann::SetRawData(const Eigen::Map<const Eigen::MatrixXd> &data) {
     data_interface_.reset(new Eigen::Map<const Eigen::MatrixXd>(data));
     nanoflann_index_.reset(
             new KDTree_t(dimension_, std::cref(*data_interface_), 15));
-    nanoflann_index_->index->buildIndex();
+    nanoflann_index_->index_->buildIndex();
     return true;
 }