It lies within the Elkhart River watershed and drains 4,467 acres.
Inlets flow from High Lake and Wolf Lake and the outlet flows to Muncie Lake.
Maximum depth is 59 feet and average depth is 22 feet. Hydraulic retention time is 243 days. Much of the watershed lies within the Merry Lea Environmental Center and is abandoned farmland, woodlots and restored wetlands. Bear Lake was larger originally but its size was reduced by drainage. An 1834 survey shows the lake covered about 1,000 acres and included High and Cub lakes.