Lake Bakkavatn has an area of 0,33 km². It is shallow and situated 241 m above sea level. Its discharge tributes to the river Holkna and the main road (no. 85) passes near the lake to the west. The catch consists of large lake char and the lake is not frequently netted.
The distance from the capital is 656 km by the Whale Bay tunnel and 30 from Vopnafiordur.