Peskawa Lake is located in the backcountry of Kejimkujik National Park and National Historic Site in Nova Scotia, at approximately 44°19′N 65°21′W. It sits at the southwestern end of the Peskowesk Lake system, a network of roughly a dozen lakes connected by thirteen portages that forms part of the gateway to the Tobeatic Wilderness Area and the Shelburne Heritage River System. The lake is reached by canoe as part of multi-day routes, typically accessed via Portages K and L from Peskowesk Lake, or exited via Portage N back onto Peskowesk. There is no road access; paddlers must travel through the backcountry to reach it.

Wind is the primary hazard on Peskawa Lake. Prevailing westerly winds create notably choppy conditions, particularly in the middle of the day, and paddlers should anticipate stiff winds and pay close attention to wave conditions. This is explicitly flagged in park planning materials as a significant consideration, alongside the same warning for Peskowesk Lake.

Two designated wilderness campsites serve the lake: Site 38 and Site 40. Site 40 is situated approximately 30 km from the Eel Weir trailhead by water and features two tent pads, an outhouse toilet, a fire pit, a bear hang, and a sand beach with suitable hammock trees. The site has been described as feeling remote. A picnic table is also noted near the lake.

The landscape around Peskawa reflects the broader character of the Peskowesk system, with windswept stands of red and white pine reminiscent of the Canadian Shield. The portage corridor between Peskowesk and Peskawa passes near Poison Ivy Falls and is notable for the presence of pitcher plants and sundews. Poison ivy is present along portage paths and warrants caution. Wildlife in the area includes frogs and hermit thrushes, among others.

Peskawa Lake falls under Kejimkujik National Park regulations, including a pack-in, pack-out policy and a requirement that pets be kept on a leash at all times. Paddlers planning trips into this area are advised to consult park staff, particularly regarding wind conditions and route logistics. The route is considered more challenging than other areas of Keji due to the greater number of portages required.