Lake Waitaki is located in South Canterbury, New Zealand, and is relatively small compared to the other hydro lakes in the area. The lake was formed when the Waitaki River was dammed around 1930, creating both the lake itself and a large inflowing channel fed by water spilled from Lake Aviemore — a connected waterway known as Fisherman's Bend.

The lake has a varied shoreline character. The western end features weed-beds and sand flats in a mosaic pattern, while the northern shoreline is predominantly stony and receives comparatively little visitor attention. The lake has areas of shallow water in the 3–7 metre range along its edges, transitioning to deeper water toward the middle.

Wildlife in the lake includes brown trout, rainbow trout, Chinook salmon, and a relict population of sockeye salmon. The rainbow trout tend to occupy deeper water, while brown trout cruise the shallower edges. This mix of habitat types — weed-beds, sand flats, and stony shores — gives the lake a varied underwater and shoreline character that paddlers may find of interest when exploring by water.

The lake's hydro origins mean water levels are subject to management, which is a consideration for trip planning. Given its position within the Waitaki hydro scheme alongside larger lakes such as Aviemore, paddlers should be aware of the broader managed water system context when assessing conditions.