A 116-acre lake behind a dam built in 1903 by Mormon pioneers, used for boating & fishing.

Much of the land surrounding Rainbow Lake is privately owned, with only a small parcel of land near the dam for public access. It is located within the Pinetop-Lakeside town limits but has a wide range of fish species including trout, bass, catfish, and some northern pike. Gas-powered boats must be 10 horsepower or less, and boat rentals are available at Rainbow’s End Resort near the lake. The Lakeside Campground can be found near the dam.