Load and resistance factors are generally obtained using the first order reliability method (FORM) in which the design point should be determined and derivative-based iterations used. In this article, the third-moment reliability index, based on the three-parameter lognormal (3P-lognormal) distribution, is investigated. A simple method based on the third-moment method for estimating load and resistance factors is then proposed, and a simple formula for the target mean resistance is also presented to avoid iterative computations. Unlike the currently used method, the proposed method can be used to determine load and resistance factors, even when the probability density functions (PDFs) of the basic random variables are not available. Moreover, the proposed method does not require the iterative computation of derivatives or any design points. Thus, the method provides a more convenient and effective way to estimate load and resistance factors in practical engineering applications. Numerical examples are presented to demonstrate the advantages of the proposed third moment method for determining load and resistance factors.