Fishing the waters of Caballo Lake can be enjoyed by anyone with a pole and a fishing license. Catfish, walleye, Northern pike, white bass, several types of sunfish, and an occasional rainbow trout lure anglers all the year around. Caballo Lake Marina offers most all fishing and boating services, including small boat rentals and a gas dock. Elephant Butte Lake State Park Elephant Butte Lake State Park is located five miles from Truth or Consequences and is the largest lake in the state of New Mexico . The lake's surface covers 38,000 acres.
Fishing is a year-round sport with motor boating and sail boating as well.
The lake is known for its black and white bass, catfish, pike, and crappie. Trout are planed in the river below Elephant Butte Dam. Water skiing is a popular summertime sport from April through September. Those with four wheel drive have access to the sandy beaches lining the shore. Small portable restrooms are available in the beach areas.