Hólmavatn is in Hvítársíða and is about 2.4 km² in area and 358 m above sea level. The lake has both brown trout and char. The lake belongs to the lands Þorvaldsstaðir and Gilsbakki. The outlet of the lake is to the north, via Skammá, but it falls into Lambá. There is a good jeep road from Þorvaldsstaðir to the lake, about 7 km long. There is toilet by the lake, and it is nice to camp there.