Abstract Active thermal springs associated with the late Pleistocene Calabozos caldera complex occur in two groups: the Colorado group which issues along structures related to caldera collapse and resurgence, and the Puesto Calabozos group, a nearby cluster that is chemically distinct and probably unrelated to the Colorado springs. Most of the Colorado group can be related to a hypothetical parent water containing ∼400 ppm Cl at ∼250°C by dilution with ≥50% of cold meteoric water. The thermal springs in the most deeply eroded part of the caldera were derived from the same parent water by boiling. The hydrothermal system has probably been active for at least as long as 300,000 years, based on geologic evidence and calculations of paleo-heat flow. There is no evidence for economic mineralization at shallow depth. The Calabozos hydrothermal system would be an attractive geothermal prospect were its location not so remote.