This lake was named in 1954 in honour of Conway Farrell, who was born in 1888 and first started flying at Camp Mohawk and Camp Borden in 1917. He was awarded the Distinguished Flying Cross in World War I. He was also a pilot for Canadian Airways. In 1942 he was appointed by Ottawa as manager of northern landing fields on the Canadian portion of the air route to Alaska. There are a number of lakes in this area named after bush pilots. (see also Berry Lake, Brintnell Lake, Calder Lake, Dickins Lake, Lake May, McConachie Lake, McMillan Lake, McMullen Lake, Randall Lake and Sawle Lake)

Approximately 77 km north of Slave Lake.