Caballo is a federal dam located in Sierra County, New Mexico, along the Rio Grande River. Built in 1937 by the Bureau of Reclamation, it serves multiple purposes including flood risk reduction, hydroelectric power generation, and irrigation. With a height of 96 feet and a structural height of 110 feet, Caballo has a storage capacity of 379,210 acre-feet and a maximum discharge of 30,000 cubic feet per second.

The dam underwent modifications in 1993 to enhance its structural integrity and in 2002 to improve its hydraulic, mechanical, and seismic capabilities. Despite being classified as having a high hazard potential, its risk assessment is deemed very high, indicating the importance of ongoing monitoring and management. Caballo's controlled spillway, with a width of 108 feet, helps regulate water flow and mitigate flooding in the region.

With its strategic location and critical role in water resource management, Caballo is a key asset in ensuring water security and mitigating flood risks along the Rio Grande River. As a federal structure owned, funded, and regulated by the Bureau of Reclamation, Caballo stands as a testament to human ingenuity in harnessing water resources for multiple beneficial uses while also highlighting the need for ongoing maintenance and risk management to safeguard against potential hazards.