Arroyo Carambola flows through the Esteros del Iberá in Corrientes province, forming a central waterway within the Gran Parque Iberá — one of South America's largest wetland systems. The arroyo connects with its smaller tributary, Arroyo Carambolita, and links a network of lagunas including Laguna Trim and Laguna Medina, making it a natural corridor through the heart of the wetland.

The arroyo is accessible from Portal Carambola, Portal San Antonio, and Portal San Nicolás, all of which serve as established entry points for water-based activities. Portal San Nicolás includes a port where visitors can launch onto the arroyo, and the campground there — built on a former cattle ranch and managed by the National Parks Administration — offers barbecue areas, grills, and bathrooms. Hiking and horse trails also connect to the port area.

Paddling on the arroyo is characterized by calm, slow-moving water flanked by dense riparian vegetation. The narrow channels create close-range encounters with aquatic fauna, including caimans (non-dangerous), capybaras, and a wide variety of waterbirds. The quiet nature of paddle craft is a significant advantage for wildlife observation in this environment.

Short excursions of two to four hours are available from multiple portals and are guided by local baqueanos familiar with the waterways and wildlife. For more experienced paddlers, the arroyo forms part of the "Cruce de los Esteros," a multi-day guided traverse of approximately 77 kilometers connecting Portal Capivarí and Portal Carambola over three to five days. A separate six-day guided kayak expedition runs from Concepción, paddling Arroyo Carambolita and Arroyo Datilcito through the wetlands, with four nights of tent camping and two nights in a hostel. That trip requires a medium fitness level and a minimum age of 15, with groups of 6 to 12 participants.

Fishing in the province requires a permiso de pesca deportiva issued by the Dirección de Recursos Naturales, and boating in Argentina is regulated nationally by the Prefectura Naval Argentina rather than at the provincial level. Paddlers should verify current access and permit requirements before visiting, as some land bordering the waterway may be privately held.