Lago Rupanco lies about 50 km south of Osorno, a large, deep lake set in green dairy country at the foot of the Andes. It receives far fewer visitors than the more famous lakes to the south, which means the shoreline is intact, the fishing is excellent (brown trout and landlocked salmon), and accommodation options lean toward working estancias rather than resort hotels.
The lake is accessible by road from Osorno via the small town of Entre Lagos. The northern shore offers the closest access and the best views of the Osorno volcano across the water. Kayaking and fly fishing can be arranged locally; there are no rental chains here, so it pays to arrange things in advance through accommodation.