Varkaus, before 1929 known as Warkaus, is a Middle-Savonian industrial town and municipality of Finland.

It is located in the province of Eastern Finland and is part of the Northern Savonia region, between the city of Kuopio and the town of Savonlinna.

Varkaus was born in the late 19th century as an industrial community of the A. Ahlström paper mills.

During the Finnish Civil War in 1918 the town was taken over by the Reds, but because of its isolated location in rural Finland, it was soon taken by the Whites on the Battle of Varkaus 19–21 February.

The bandy team Warkauden Pallo-35, or just WP-35, plays in the highest division, Bandyliiga, and has become Finnish champions 16 times.