Caracol Falls, or Cascata do Caracol, is a 426-foot (130 meter) waterfall about 4.35 miles (7.00 km) from Canela, Brazil in Caracol State Park (Parque do Caracol). It is formed by the Caracol River and cuts out of basalt cliffs in the Serra Geral mountain range, falling into the Vale da Lageana. The falls are situated between the pinheiral (pine forest) zone of the Brazilian Highlands and the southern coastal Atlantic Forest. The base of the waterfall can be reached by a steep 927-step trail maintained by the Projeto Lobo-Guará.

Caracol Falls has long attracted visitors and is the second most popular natural tourist attraction in Brazil, trailing only Iguazu Falls. In 2009, it received more than 289,000 visitors. There is a nearby 100-foot observation tower that offers an elevator and a panoramic view, as well as a cable car that gives tourists an aerial view of the waterfall. The area also provides a restaurant and craft stalls.