Users in "Site Members" are not able to open the View for a massive list

We have been provided a site in SharePoint 2010 that has lists that have around 500,000 records.

Although the list are filtered for the user, so that who-so-ever views the list can see only his/her records. But now a new problem has come up.

When the users in the "Site Owners" group open the View, everything works fine for them but when users in "Site Members" or "Site Visitors" open the view, it shows them the following statement:

"This view cannot be displayed because the number of lookup and workflow status columns it contains exceeds the threshold (8) enforced by the administrator."

I read on various blogs, i can increase the threshold value, but at my own risk and increasing that will impact the performance of the SQL Server.

Please suggest what i can do to solve this?

Thank you.