Lake Laxarvatn has an area of 600m x 700m and is actually a part of the fine salmon river Laxa in Dalir. The lake lies 150 m above sea level.

The catch consists of brown trout (1-4 pounders). The best access to the lake is by walking about 500 m from road 59.

The distance from the capital is 181 km by the Whale Bay tunnel and 29 km from Budardalur.