Karagay (Russian: Карагай; Bashkir: Ҡарағай, Qarağay) is a rural locality (a village) in Ilkineyevsky Selsoviet, Kuyurgazinsky District, Bashkortostan, Russia.

Karagay is located 20 km north of Yermolayevo (the district's administrative centre) by road.

Karagayka is the nearest rural locality.

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