Atomically thin films of layered chromium triiodide (CrI$_3$) have recently been regarded as suitable candidates to a wide spectrum of technologically relevant applications, mainly owing to the opportunity they offer to achieve a reversible transition between coexisting in-plane ferro- and out-of-plane antiferro-magnetic orders. However, no routes for inducing such a transition have been designed down to the single-layer limit. Here, we address the magnetic response of monolayer CrI$_3$ to in-plane lattice deformations through a combination of isotropic Heisenberg spin Hamiltonians and first-principles calculations. Depending on the magnitude and orientation of the lattice strain exerted, we unveil a series of direction-dependent parallel-to-antiparallel spins crossovers, which yield the emergence of ferromagnetic, Neel antiferromagnetic, zigzag and stripy antiferromagnetic ground states. Additionally, we identify a critical point in the magnetic phase diagram whereby the exchange couplings vanish and the magnetism is quenched. Our work establishes guidelines for extensively tailoring the spin interactions in monolayer CrI$_3$ via strain engineering, and further expands the magnetically ordered phases which can be hosted in a two-dimensional crystal.
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