Horseshoe Falls consist of a small, single drop over a curved wall set among a backdrop of ferns and wet sclerophyll forest. The falls are accessible via a track, steep in places, which leads fom the base of Russell Falls. The path continues through a forest of Tall Trees (the Tall Trees track), and eventually leads to Lady Barron Falls.

Like Russell Falls, Horseshoe Falls are composed of horizontally bedded marine Permian siltstone benches.