The lake, of glacial origin, is named after Nicolás Mascardi, a 17th-century Jesuit who was a missionary in the area.

[5] A paved highway (National Route 40) extends down the eastern arm of the lake to the southern shore where a small community called Villa Mascardi is located.

From there a road (unpaved in 2018) named Route 82 follows the western arm of the lake northward and continues on to Ventisquero Negro.

[6] Kayaking and fishing are popular on Mascardi Lake with a number of tourist agencies in Bariloche offering guided tours.

One of the campgrounds on the northernmost part of the Catedral arm is owned by a community of Mapuche people who were the principal occupants of this area from the 17th until the late 19th century.