Resting in the shadow of Colorado's tallest peak, Twin Lakes is one of Colorado's most scenic locations. The community lies adjacent to the state's two largest glacial lakes along the Top of the Rockies Scenic and Historic Byway. It's about about 15 miles south of historic Leadville, Colorado. They are downstream along the Arkansas River, whose headwaters are by Leadville.

Twin Lakes are the lowest lakes in the Mammoth Lakes Basin. On one side of the lake are lava cliffs that were formed by eruptions of Mammoth Mountain. The other side of the lake has the Inyo National Forest's Twin Lakes Campground, and Tamarack Lodge of the Mammoth Mountain Ski Area.