Paragon is a town in Ray Township, Morgan County, in the U.S. state of Indiana.

Paragon was founded in the early 1850s about the same time the first store was opened in the community in 1852.

[6] Paragon is in southwestern Morgan County along Indiana State Road 67, which leads northeast 8 miles (13 km) to Martinsville, the county seat, and southwest 16 miles (26 km) to Spencer.

According to the U.S. Census Bureau, Paragon has a total area of 0.28 square miles (0.73 km2), all land.

[1] The town is in the valley of the White River, which passes 1.5 miles (2.4 km) to the south.

18.5% of all households were made up of individuals, and 7.3% had someone living alone who was 65 years of age or older.