The Caples River flows through a beech-lined valley in the Otago region near Glenorchy, draining into the Greenstone River before reaching Lake Wakatipu. The river is accessed via the Greenstone Road End car park, approximately 86 kilometres from Queenstown or 35 kilometres from Glenorchy, with most of the road past Glenorchy being unsealed and requiring several river fords that can become impassable after heavy rain.

The river offers a range of difficulty levels depending on the section paddled. The upper stretch from the Fraser Creek confluence down to the Upper Gorge runs at grade II-, with pleasant pool-drop character through beech forest. The Upper Gorge itself is rated grade IV or portage, and requires thorough scouting before entry — the gorge narrows significantly and logs tend to accumulate into dangerous sieves. Most paddlers portage this section on river right along the Caples track. The Mid Caples Gorge is rated IV+ or portage, and paddlers should eddy out early on river right as they approach. The section from the base of the Mid Caples Gorge to the Greenstone swing-bridge runs at grade II.

The best put-in for a full run is at the confluence of the Caples and Fraser Creek, reached by following the Fraser/Kay Creek track from the main Caples track to the swing-bridge, then continuing upstream on river right via the old Caples track with orange markers. The take-out is at the Greenstone swing-bridge near the Caples/Greenstone confluence, approximately 30 to 40 minutes' walk from the road end car park.

The total paddling distance from the Mid Caples Hut to the confluence is around 9 kilometres. Even though the associated tramp is only 4 to 5 hours, the full trip commonly takes all day when scouting gorges is factored in, making a two-day itinerary advisable. The Mid Caples Hut, which sleeps 24, provides an overnight option mid-route.

The river is open to fishing under an Otago Designated Waters Licence from 1 November to 31 May, and the valley holds good populations of rainbow and brown trout, particularly in the deeper pools. Sandflies are noted as a significant nuisance, particularly around hut locations in the valley.