Peessa is a lesser known waterfall in the Badulla district. The waterfall has about 45 m height. This waterfall is also located in a jungle, but can be visible from the Peessa village and also from the school in that village.

The water stream starts at the Lunugala mountain range and it is a healthy stream even during a drought. It is the water resource to irrigate the plantations of nearby villages. It also has a mini hydraulic power station.

An important feature of this waterfall is the cave behind it. The opening of the cave is covered by the waterfall. But that cave is accessible by the foot path at a side of a waterfall. According to the folk stories, it King Walagamba had been used it as a security place. The steps in that foot path were built by using large stone blocks. The villages believe it is a work done by giant people who lived in Anuradhapura era.