Cwmpengraig is a rural hamlet in Carmarthenshire, Wales, located in the Teifi Valley approximately 1.5 miles (2.4 km) from the village of Dre-fach Felindre.

Located just 1.5 miles from Dre-fach Felindre, Cwmpengraig is a small community with a history of woollen mill production.

In the early 19th century, furling mills were established in Pentrecwrt, Dolwyon, Drefach and Cwmpengraig.

Mill cottages were built to house the employees although by the end of the 1920s the industry went into decline.

Through the centre of the hamlet runs the stream Nant Esgair which flows down into the rural village of Dre-fach Felindre.