Carbon fiber-reinforced polymers, used in primary structures for aircraft due to an excellent strength-to-weight ratio when compared with conventional aluminium alloy counterparts, may nowadays be considered as mature structural materials. Their use has been extended in recent decades, with several aircraft manufacturers delivering fuselages entirely manufactured with carbon composites and using advanced processing technologies. However, one of the main drawbacks of using such composites entails their poor electrical conductivity when compared with aluminium alloy competitors that leads to lightning strikes being considered a significant threat during the service life of the aircraft. Traditionally, this problem was overcome with the use of a protective copper/bronze mesh that added additional weight and reduced the effectiveness of use of the material. Moreover, this traditional sizing method is based on vast experimental campaigns carried out by subjecting composite panels to simulated lightning strike events. While this method has proven its validity, and is necessary for certification of the structure, it may be optimized with the aid provided by physically based numerical models. This paper presents a model based on the finite element method that includes the sources of damage observed in a lightning strike, such as thermal damage caused by Joule overheating and electromagnetic/acoustic pressures induced by the arc around the attachment points. The results of the model are compared with lightning strike experiments carried out in a carbon woven composite.