Toivo Aarne Loukola (2 October 1902 – 10 January 1984) was a Finnish male runner, winner of the 3000 metres steeplechase at the 1928 Amsterdam Olympics.

Loukola set an unofficial world record in the steeplechase just a month before the Olympics.

In Amsterdam, Loukola first finished seventh in the 10,000 m race and then easily won his 3000 m steeplechase heat.

After 2000 m, when Nurmi had trouble at hurdles, Loukola made an attack and developed a 30 m gap, which he would hold until the finish.

Loukola won in a new world record of 9.21.8, finishing almost 10 seconds ahead of second-placed Nurmi.