Rainbow Falls is a waterfall on Rainbow Creek in the U.S. state of Washington. The waterfall is located inside the Lake Chelan National Recreation Area in the North Cascades National Park, and is near Stehekin. The falls drops 392 feet in two tiers. The uppermost tier falls 312 feet to a basin. The waterfall is accessible from a series of trails maintained by the National Park Service and is easily visible from the Stehekin Valley Road.