The Jermuk waterfall is the town's most distinctive natural feature — a cascade of the Arpa River dropping into a deep rocky gorge below the town. The viewing platforms above the gorge give the best perspective: the water drops dramatically between basalt walls, with the mineral-rich springs adding a slightly sulphurous tinge to the air. The gorge itself has walking trails along both sides.
The falls are most impressive in spring and early summer when snowmelt increases the flow. A path descends into the gorge from the town centre; the walk takes about 20 minutes each way and is moderate in difficulty. In winter the falls sometimes partially freeze, creating elaborate ice formations on the cliff faces.