Akkineni Laxmi Vara Prasada Rao (17 January 1907 – 22 June 1994), known professionally as L. V. Prasad, was an Indian film director, producer, actor, and businessman.

He then joined India Pictures as an errand boy, where Akthar Nawaz cast him in a bit-part in the silent film Star of the East.

Tantra Subrahmanyam assigned him a job of a production supervisor and assistant director for the film Kashta Jeevi, which took him to Bombay again.

During this time, using his connections with Prithviraj Kapoor, he joined Prithvi Theatres and satisfied his acting passion.

After this in 1949, Prasad directed Mana Desam and introduced N. T. Rama Rao, later to become a legend in Telugu cinema, in a minor role.

His second son Ramesh returned from the United States after obtaining his B.E.M.S degree and established Prasad Film Labs in Chennai in 1974.

Prasad Productions made many memorable box office hits including Milan, Khilona, Sasural and Ek Duuje Ke Liye.

L. V. Prasad was the chairman of the 27th National Film Awards Selection Committee held at New Delhi in 1980.

[10] Prasad was also the chairman of the International Jury for Children's Film Festival held in November 1981 at Madras.

L. V. Prasad was Chairman of the Studio Owners, Council, a wing of Film Federation of India.