The Lake gets its name from the ‘’lake’’ of sand that sits in between the first and second reef slopes at this site. Starting from the beach, the seabed is dominated by sand and coral rubble before it gives way to soft corals and patch reef. From there, the slope of the reef steepens, descending down to the sand channel at around 70 feet (21 meters), located in the middle of the site. Around the edge of the sand channel, numerous large coral mounds, or bommies, rise above the reef and provide complex habitat for snapper, grunts, black margates, and other reef fish. The second reef starts on the far side of the sand channel at a depth of 65 feet (20 meters) before dropping down to a final depth of 100 feet (30.5 meters).

Both reef slopes have very complex surfaces that provide plenty of hiding places for reef fish. Divers have the chance to see a wide range of species in the different habitats at this site. For example, sand tilefish, conch, stingrays, and garden eels can be found in the sand, while slender filefish and flamingo tongues can be found in the shallower areas dominated by soft corals.