In common with many of the neighboring lakes in the Eagle Cap Wilderness of the Wallowa-Whitman National Forest in Wallowa County, Oregon, Aneroid Lake is nestled in an example of a cirque valley with large tarn scoured out of the mountain side by glacial movements during the Pleistocene.[3][4][5] Located at the southern foot of Bonneville Mountain the lake and its basin form the headwaters of the East Fork Wallowa River. Aneroid Mountain, namesake of the lake, is about 1.5 miles (2.4 km) to the east,[6] while Roger Lake lies in between a mere .5 miles (0.80 km) away. Dollar Lake is 1.5 miles (2.4 km) to the southeast and Pete's Point 1.5 miles (2.4 km) slightly to the southwest.[7] Because the lake is within the boundaries of the Eagle Cap Wilderness protection area it is inaccessible by any motorized vehicle or any other mechanized mode of travel.[8] However, there is a popular hiking trail for horse and foot traffic. A small group of private cabins that predate the wilderness designation are located beyond the south end of the lake. Aneroid Lake ties with Laverty Lake for the twenty-third highest lake in the Eagle Cap Wilderness at 7,500 ft (2,300 m) elevation.[9]