Toba Waterfall and Arsen Okrojanashvili Cave Natural Monument (Georgian: ტობის ჩანჩქერი და არსენ ოქროჯანაშვილის მღვიმე) is the highest in Georgia cascading waterfall of 234 m height and a karst cave complex located 5.6 km to the west from village First Balda (Pirveli Baldi) in Martvili Municipality, Samegrelo-Zemo Svaneti region of Georgia.

[1] It is located at 707 metres above sea level on the left bank of Toba river, left-bank tributary of Abasha river and can be reached by marked hiking trail.

[2] The Natural Monument Complex is a combination of the Toba Cascading Waterfall and Arsen Okrojanashvili Cave also known as Toba II Cave.

Cave speleothems formed in a variety of shapes.

Water flow in the cave forms four lakes underground and finally, coming out of the cave, produces cascading Toba Waterfall of 234 m height.