Legends says that a Hawaiian Akua (God) named Akaka lived besides the waterfall. Akaka's cousin, Kiha, offended Akaka and was condemned to jump over the falls. His body was transformed into a red-brown pohaku (stone) that lies in the pool today.

Akaka was married and had a ilio (dog). He also was a kolohe (rascal), who had two wahines (girlfriends) . One was named Lehua, on the north side, and the other named Maile, on the south side.

One day while he was with Lehua, Akaka's kanewahine (wife) unexpectedly returned home and called for him. Feeling guilty, he raced backed eith his faithful dog. Near the edge of the cliff, Akaka slipped and fell into Kiha's grave. His dog remained at the cliff and turned into stone. Running to save Akaka, his wife also turned into stone at the edge of the falls.

Upon hearing Akaka's fate, Maile and Lehua wept and turned into waterfalls, located further down.

Folklore says that rain will fall if you touch the large rock at the top of the falls with a lehua branch or a maile lei around it. This is because Lehua and Maile always made poor Akaka's wife weep.