Pakesley is a dispersed rural community and ghost town in geographic Mowat Township in the Unorganized Centre Part of Parry Sound District of Ontario, Canada.

Owing to financial difficulties, the Key Valley Railway and the sawmill at Lost Channel was taken over by the Schroeder Mills & Timber Company, for whom James Lauder, Joseph Spears and L. B. Howland, had originally contracted to do.

At the site a post office, store, hotel, restaurant and an Ontario Department of Lands and Forests fire headquarters were erected.

Schroeder continued to operate the railway for the new firm, however, when fire destroyed the original Lost Channel sawmill in 1928, the flames quick spread to the adjacent engine house, taking with it two of the locomotives.

There are four original buildings remaining today, including the old school house and three homes which are still used as hunting camps and cottages.