Caballo Lake is the quieter, wilder sister of Elephant Butte – an 11,500-acre Rio Grande reservoir just downstream, backed by the rugged Caballo Mountains in southern New Mexico. Less crowded than its giant neighbor, it offers good bass, walleye and catfish fishing, a fine state park, and one of the best bald eagle viewing spots in the state each winter.
This guide covers Caballo Lake: the fishing, the eagles and state park, and access. It’s part of our growing New Mexico Lakes Database.
Caballo Lake at a glance
- Surface area: ~11,500 acres on the Rio Grande, below Elephant Butte
- Location: Sierra County, southern New Mexico (near Truth or Consequences & Hatch)
- Built: Caballo Dam, completed 1938 (U.S. Bureau of Reclamation)
- Top fish: largemouth & white bass, walleye, channel & flathead catfish, crappie, northern pike
Fishing Caballo Lake
Caballo is a solid warmwater fishery, often less pressured than Elephant Butte: largemouth and white bass, walleye, channel and flathead catfish, crappie and northern pike. A New Mexico fishing license is required. The lake receives water passed down from Elephant Butte, and its level fluctuates with irrigation releases – which can concentrate fish and create excellent fishing below the dam and along the shifting shoreline.
Eagles, birds and the state park
Caballo Lake State Park stretches along the shore beneath the Caballo Mountains, with campgrounds, boat ramps and trails, and the adjacent Percha Dam State Park just downstream is a renowned birding hotspot. In winter, Caballo is one of New Mexico’s best places to see bald and golden eagles, which gather to fish the open water – a highlight for wildlife watchers. The desert-and-mountain scenery and quiet camping make it a favorite of snowbirds and anglers alike.
Getting there and what’s nearby
Caballo Lake is off I-25 about 15 minutes south of Truth or Consequences in southern New Mexico. Elephant Butte is just upstream, the chile-farming town of Hatch is nearby, and Percha Dam State Park adjoins it.
Know before you go
- Fishing license: a New Mexico license is required.
- Fluctuating level: irrigation releases change the lake a lot – check conditions.
- Winter eagles: bald and golden eagles gather here in the cold months – bring binoculars.
Frequently asked questions
What fish are in Caballo Lake?
Largemouth and white bass, walleye, channel and flathead catfish, crappie and northern pike.
Can you see eagles at Caballo Lake?
Yes – in winter it’s one of the best spots in New Mexico to see bald and golden eagles, with the adjacent Percha Dam State Park a noted birding area.
Where is Caballo Lake?
In Sierra County, southern New Mexico, off I-25 about 15 minutes south of Truth or Consequences, just below Elephant Butte.
Related: explore more of the largest lakes in New Mexico, or head back to the New Mexico Lakes Database.
Explore more New Mexico lakes: the largest lakes in New Mexico and the deepest lakes in New Mexico.
