This study reports on a low-cost unmanned aerial vehicle (UAV)-borne light detection and ranging (LiDAR) system called LasUAV, from hardware selection and integration to the generation of three-dimensional point clouds, and an assessment of its performance. Measurement uncertainties were estimated in angular static, angular dynamic, and real flight conditions. The results of these experiments indicate that the point cloud elevation accuracy in the case of angular static acquisition was 3.8 cm, and increased to 3.9 cm in angular dynamic acquisition. In-flight data were acquired over a target surveyed by nine single passages in different flight directions and platform orientations. In this case, the uncertainty of elevation ranged between 5.1 cm and 9.8 cm for each single passage. The combined elevation uncertainty in the case of multiple passages (i.e., the combination of one to nine passages from the set of nine passages) ranged between 5 cm (one passage) and 16 cm (nine passages). The study demonstrates that the positioning device, i.e., the Global Navigation Satellite System real-time kinematic (GNSS RTK) receiver, is the sensor that mostly influences the system performance, followed by the attitude measurement device and the laser sensor. Consequently, strong efforts and greater economic investment should be devoted to GNSS RTK receivers in low-cost custom integrated systems.