Lal Lal Falls is a plunge waterfall located in the locality of Lal Lal, approximately 20 kilometres south-east of Ballarat in Victoria, Australia.

Formed where Lal Lal Creek descends over a basalt escarpment, the falls drop roughly 34 metres into a large rocky gorge. The distinctive volcanic geology and the dramatic two-stage drop make it one of the most striking waterfalls in the Moorabool region.

Water flow is most reliable during winter and spring.

Culturally, the site holds deep significance — the name "Lal Lal" is thought to derive from an Aboriginal word meaning "dashing of waters," and the falls are traditionally believed to be the earthly home of Bunjil, the Creator figure of most Victorian Aboriginal peoples.

The falls sit within Lal Lal Falls Scenic Reserve. A short walk leads to a viewing platform perched at the gorge's edge, with an alternative elevated viewpoint along the Von Guerard View Track offering broader vistas across the gorge.