Shrimant Subhedar Malhar Rao Holkar II (1745 – 5 April 1767), belonging to the Holkar dynasty of the Marathas was the Maharaja of Indore (r.1766 – 1767).

Amazed by his sword fighting skills, Malhar Rao gifted him the Jagir of Sultanpur as a reward in 1761-62.

In his reign he was sent for a settlement with Jawahar Singh Jat by the Peshwa and successfully completed it.

He was Married to Mainabai Holkar (née Bahad) in 1756 at the age of 11.

She was the daughter of Sardar Santaji Wagh , a general in Maratha Army Male Rao was mentally unwell and died by jumping of a building.