A few miles south of Breckenridge on Route 9, partway up to Hoosier Pass, is a gravel road which runs about two miles or so into a valley beside Quandary Peak. The trail leads to a pair of lakes called Blue Lakes. The upper lake is formed by a dam, and the road ends at a parking lot just below the dam. A stream runs from the dam, down a steep hill and into the lower lake. This is a great spot for hiking, camping, fishing and creature watching.
In the morning at the upper parking area, one can often spot mountain goats in the surrounding hillsides. At times the goats will hang around the parking lot looking for handouts and licking salt off the cars. One can also spot marmots on the hillside along the road.
There is also a gravel road, best for 4WD vehicles, which runs to the left before one reaches the lower parking lot. This road runs along the south side of Lower Blue Lake up to a small parking area just below the waterfalls. A short hike gets you to the waterfalls themselves.