This protected area has around 777 hectares and a maximum altitude of 720 meters, including most of the island's coastline and its islets, as well as the Caldeirão volcano. It is home to important communities of endemic flora and fauna species, as well as migratory birds.

This elevation is part of the central volcano of Corvo Island, being its highest point.

Located in the so-called Caldeirão do Corvo, this lagoon was formed inside the crater of the volcano that gave rise to the island, a crater with a perimeter of 3400 meters.