This letter studies the low-complexity channel estimation for orthogonal time frequency space (OTFS) in the presence of hardware impairments. Firstly, to tackle the computational complexity of channel estimation, the basis expansion model (BEM) is utilized. Then, the mean square error (MSE) of the estimated channel is theoretically derived, revealing the effects of hardware impairments on channel estimation. Based on the estimated channel, the minimum mean square error (MMSE) detector is adopted to analyze the impacts of imperfect hardware on the bit error rate (BER). Finally, the numerical results validate the correctness of our theoretical analysis of the MSE for channel estimation and lower bound of the BER, and also demonstrate that even minor hardware impairments can significantly degrade the performance of the OTFS system.