Falcon Lake sits within Whiteshell Provincial Park in southeastern Manitoba, approximately 152 kilometres east of Winnipeg along the Trans-Canada Highway, close to the Ontario border. The lake covers an area of 15.71 square kilometres, reaches a maximum depth of 28.3 metres, and contains five islands. It is known for clear, deep water and is named for Métis poet and songwriter Pierre Falcon (1793–1876), appearing on the Palliser map as far back as 1865.

Two boat launches serve the lake. The Falcon Lake Main Beach launch is located between the main beach and the Marsh Trail and includes a dock for easy water entry. The Falcon Lake South Shore launch also has a dock and a parking lot directly across the street. Falcon Lake Marina, one of the larger boating facilities in Whiteshell Provincial Park, operates two concrete boat launches along with over 100 dock slips, a gas bar, and a store stocking boating, watersport, and fishing supplies. The marina rents canoes, kayaks, and paddleboards, among other watercraft.

A 500-metre portage trail connects Falcon Lake to High Lake, primarily used by those seeking less-pressured fishing waters. The well-travelled trail passes through Canadian Shield terrain. A longer connector route links Lake of the Woods to the Whiteshell River via Falcon Lake, travelling through Falcon River and several smaller lakes before reaching West Hawk Lake and continuing to Caddy Lake. Falcon Lake is also the southern starting point for a series of canoe routes described in Paddle Manitoba's Canoeing in Southeastern Manitoba guide, which covers routes northward to Wallace Lake.

Common fish species include northern pike, smallmouth bass, walleye, and yellow perch. The Falcon Beach campground on the west end of the lake offers basic, electrical, and full-serviced sites, along with a visitor services centre, concessions, washrooms, and changing facilities. Parking is available close to the beach. A self-guided interpretive trail runs along Falcon Creek, and multi-use trails in the surrounding park are used by hikers, cyclists, and runners. The campground hosts Whiteshell's Family Fishing Weekend annually. The main beach area is suitable for families, with a playground and picnic shelters adjacent to the water.