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Caballo Lake State Park
Caballo lake-kmf.JPG
Caballo Lake State Park is located in New Mexico
Caballo Lake State Park
Caballo Lake State Park
Location in New Mexico
Location Sierra, New Mexico, United States
Area 5,384 acres (21.79 km2)
Elevation 4,100 ft (1,200 m)
Established 1964
Governing body New Mexico State Parks Division

Caballo Lake State Park is a state park of New Mexico, United States, located 16 miles (26 km) south of Truth or Consequences on the Rio Grande. Caballo Lake was created in the 1930s when an earthen dam was built across the Rio Grande. The dam is 96 feet (29 m) tall and 4,558 feet (1,389 m) across. The size of the lake varies by season, but when the lake is full, it is over 11,500 acres (47 km2) in area, and 18 miles (29 km) long, making it New Mexico's third largest lake.

The primary attraction of the lake is fishing, with bass and walleye fishing most popular.

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