Wapengo Lake is a coastal estuary located on the Sapphire Coast of New South Wales, situated within and around Mimosa Rocks National Park, roughly 10 kilometres north of the intersection of Dr George Mountain Road and the Tathra-Bermagui Road. The lake is connected to Bithry Inlet and the surrounding national park landscape, offering paddlers access to a relatively undeveloped stretch of the NSW South Coast.

The primary access point is a gravel and sand boat ramp located beside the oyster growers shed, reached via Wapengo Lake Road. The road is sealed for a short distance from the Tathra-Bermagui Road before becoming unsealed; the ramp itself is approximately 3.5 kilometres south along Wapengo Lake Road from that junction. Off-street parking is available at the ramp.

Wapengo Lake is a significant oyster-producing estuary and has supported a thriving oyster farming industry since the late 1880s. Wapengo Rocks was the first oyster farm in Australia to be certified organic. The presence of multi-award-winning rock oysters is frequently cited as an indicator of the lake's water quality, as oysters filter their food directly from the water column and are sensitive to pollution. Seagrass beds are also present within the estuary, which are noted as fragile habitats. Paddlers should be mindful of oyster farming infrastructure and boat traffic associated with working leases on the water, and should take care to avoid seagrass beds, which can be damaged by propellers and physical disturbance.

The lake's character is shaped by its dual identity as a working estuary and a natural environment within a national park setting. The surrounding area includes the Bithry Inlet, which forms part of Mimosa Rocks National Park, and the historic Myer House — a notable piece of Australian architectural heritage situated on Bithry Inlet — is accessible in the vicinity. The combination of working oyster leases, national park foreshore, and inlet waterways gives the area a varied and relatively quiet paddling environment along the Sapphire Coast.