Known as Cascada Cailor, Horses Waterfall is the tallest waterfall in Romania with a total height of 80 m (262 ft) split over several steps, the highest being 18 m (59) tall.

Acording to an ancient legend, the name of the waterfall comes from a fact that occured here centuries ago. It seems that during a storm a herd of horses was cornered by a bear on the brink of the abyss where the waterfall starts. Because of poor visibility and being extremly frightened, the horses jumped in the abyss, thus dying.

The waterfall is located in Piatra Rea Natural reserve, 3 km (1.8 miles) away from Borsa Resort at an elevation of 1300 m (4265 ft). The waterfall is formed on Fantana (“Well” in Romanian) creek and springs from Podul Cailor plateau.

The best ways to reach the waterfall are from Borsa Resort and from Rodna mountains peak line. Those coming from Borsa Resort can follow the trail marked with red triangle (2-3 h) or they can take the ski-lift and follow the same trail for one kilometer. This second option allows tourists to visit the attraction even in the winter time, when all the water is frozen, presenting a different but impressive image of the waterfall.