It originates at the eastern end of the Nahuel Huapi Lake and flows in a meandering path for about 380 kilometres (240 mi), collecting the waters of several tributaries, such as the Traful River, the Pichileufú and the Collón Curá.

The waters of the Limay are used to generate hydroelectricity at the five dams built on its course: Alicurá, Piedra del Águila, Pichi Picún Leufú, El Chocón, and Arroyito; together with the Cerros Colorados Complex on the Neuquén River they constitute more than one quarter of Argentina's total hydroelectric power generation.

The construction of the successive dams and reservoirs has reduced the length of the river, which originally measured about 450 kilometres (280 mi).

The river is also used for fly fishing; in some locations its banks are suitable as beach resorts, with facilities for camping.

Lost in a typical steppe landscape with gin clear waters, big and deep pools, fast and strong currents and enormous fish, of course.