Lake Colby is a 272-acre (1.10 km2) lake, located on NY-86 just outside the village of Saranac Lake, in Franklin County, New York in the Adirondacks; its outlet feeds into Lower Saranac Lake. Lake Colby is also the name of a hamlet located just north of the lake on NY-86.The village beach of Saranac Lake is on Lake Colby, and New York State operates a boat launch and fishing access; there is a ten horsepower limit for motorboats.