Karapiro is a settlement and rural area in the Waipa District and Waikato region of New Zealand's North Island. It includes both the artificially created Lake Karapiro and the accompanying Karapiro Power Station. Karapiro is located just off State Highway 1, south-west of Cambridge.

Lake Karapiro is an artificial reservoir lake on the Waikato River at Karapiro, 8 kilometres (5.0 mi) south-east of Cambridge in New Zealand's North Island. The lake was formed in 1947 by the damming of the Waikato River to store water for the 96-megawatt Karapiro power station. The lake is also one of two premier rowing venues in New Zealand and is the base for the country's high-performance rowing programme.