Caradog Falls — also known by its Welsh name Pwll Caradog — is a dramatic waterfall located near the village of Tynygraig in mid-Wales.

The stream, called the sychnant above the falls, plunges suddenly into a steep chasm before continuing below as Nant Cwmtarw.

The main drop is estimated at around 18 metres, with an upper bench adding a further 5 metres, giving a total descent of approximately 23 metres. Access is informal and largely private.

The falls are best reached via the old mill, whose owners can direct visitors down into the valley.

The upper shelf of the waterfall is partially visible through trees from the mill pond's bank, but the full spectacle of the main drop is hidden from most viewpoints until you descend to stream level.

During the Victorian era the site was developed as a tourist attraction, and a railway halt — Caradog Falls Halt — was later opened in 1932 to bring visitors to the area.