Madsen Falls is a waterfall located at Melba Gully in the Lavers Hill region of Victoria's Otway Ranges, near the Johanna River.

It can be spotted from the exit road at Melba Gully without any significant effort — visitors simply walk about 50 metres back up the road from the car park, where the falls are visible on the left.

For a closer look, a short track leads to a dam just above the waterfall. From there, visitors can cross to the other side of the creek and descend the cliff for a more dramatic view of the falls.