Lake Arrowhead is a census-designated place in the towns of Waterboro and Limerick in York County, Maine, United States. The population was 3,071 at the 2010 census. The CDP corresponds to the area covered by the Lake Arrowhead Community, a large subdivision begun in the 1960s which surrounds Lake Arrowhead, an artificial lake on the Little Ossip…Lake Arrowhead is a census-designated place in the towns of Waterboro and Limerick in York County, Maine, United States. The population was 3,071 at the 2010 census. The CDP corresponds to the area covered by the Lake Arrowhead Community, a large subdivision begun in the 1960s which surrounds Lake Arrowhead, an artificial lake on the Little Ossipee River. The community is part of the Portland–South Portland–Biddeford, Maine Metropolitan Statistical Area.