[4] It is situated three miles east of the community of Ophir, and one mile immediately north of Ophir Pass, on land managed by San Juan National Forest and Uncompahgre National Forest.

It ranks as the 166th-highest peak in Colorado,[3] and topographic relief is significant as the west aspect rises 3,000 feet (910 meters) in approximately one mile.

The mountain's name, which has been officially adopted by the United States Board on Geographic Names,[4] was in use in 1899 when Henry Gannett published it in A Dictionary of Altitudes in the United States,[5] and in 1906 when he published it in A Gazetteer of Colorado.

[6] According to the Köppen climate classification system, Lookout Peak is located in an alpine subarctic climate zone with long, cold, snowy winters, and cool to warm summers.

[7] Due to its altitude, it receives precipitation all year, as snow in winter, and as thunderstorms in summer, with a dry period in late spring.