The urban centre is situated at an altitude of 2,630 metres (8,630 ft) on the Altiplano Cundiboyacense in the Eastern Ranges of the Colombian Andes.

[1] Former names of Ventaquemada are Padua and La Venta, indicating the commercial centre at a strategical location along the road between Bogotá and Tunja, historically the most important cities of the Altiplano.

Modern Ventaquemada was founded on December 17, 1777, by viceroy Manuel Antonio Flórez.

Ventaquemada has a classical colonial house and a statue honouring independence hero Simón Bolívar.

Main economical activity of Ventaquemada is agriculture; potatoes and maize are the major products cultivated.