Lago Peñuelas is an artificial reservoir located within the Reserva Nacional Lago Peñuelas in the Valparaíso Region of central Chile, situated approximately 30 kilometers inland from Valparaíso and 20 kilometers southeast of Viña del Mar. The reservoir was constructed around 1900 to supply drinking water to Valparaíso and Viña del Mar, and the surrounding 9,094-hectare reserve was established in 1952 to protect its watershed. The reserve is part of the La Campana-Peñuelas Biosphere Reserve, recognized by UNESCO in 1985.

Paddlers should be aware of a critical practical limitation: the reservoir has been severely affected by a drought ongoing since 2010, and by the end of March 2022 the lake had dried up entirely. As of late 2025, water levels remained at less than 10% of capacity, exposing extensive mudflats across what was formerly open water. This dramatically reduces or eliminates any viable paddling surface.

The reserve is managed by CONAF and requires an entrance fee, with tickets purchasable through the CONAF website or Pares Parques. The reserve is open daily from 9:00 AM to 5:30 PM. Activities officially promoted within the reserve include hiking on the Sendero Los Coipos (900 m) and Sendero Las Orquídeas (1,600 m), a family cycling route with three circuits of varying distances, and fishing. Paddling is not listed among the permitted or available activities, and given the reservoir's function as a drinking water source, water-contact activities may face additional restrictions.

The reserve sits within the Chilean coastal range at elevations between 300 and 613 meters, with a Mediterranean climate characterized by annual temperatures ranging from 12°C to 18°C. Rainfall is concentrated between May and August, with 80% of annual precipitation falling in those months. The reserve can be reached via Ruta 68, the main highway between Valparaíso and Santiago, and has good public transport connections along that corridor. Emergency contact within the reserve is available at +56 977 259 789.