The Caballo Mountains, (Spanish: "horse") are a mountain range located in Sierra and Doña Ana Counties, New Mexico, United States. The range is located east of the Rio Grande and Caballo Lake, and west of the Jornada del Muerto; the south of the range extends into northwest Doña Ana County. The nearest towns are Truth or Consequences and Hatch.
Most of the Caballo Mountains are located on land owned by the Bureau of Land Management. The mountains are unusual, and perhaps unique in New Mexico, for the relatively complete geologic history revealed by their rocks. Vehicular access to the range is by Interstate 25 from the west, by New Mexico State Road 51 from the north, and by several dirt roads from the east.
The Caballo Mountains trend north and south, with a length of approximately 32 miles (50 km). The width of the range varies from 3–6 miles (5–10 km). The highest point on the range, Timber Mountain (7,565 feet), has a topographic prominence of approximately 3,400 feet.