The Acaray River (Guarani Akaray) is a river in eastern Paraguay. It is born in the Cordillera de Caaguazú, and is joined by the Yguazú and Itakyry rivers later on. The river flows through the Caaguazú and Alto Paraná Departments, and joins the Paraná River in an area between Ciudad del Este and Hernadarias, which was later modified for the construction of the Acaray Dam.