Directions - walk to the Mirador Del Fitzroy viewpoint on the main trail out of town. Once at the viewpoint continue about a km further up hill and look for a dusty trail going to your right. Take this trail 100-200m to your right and you should see the river and the waterfall. There are many trails and distances may very but as long as you find the river you can walk it to the falls.
Photos were taken at 2pm for a lighting reference.
If you are doing the Laguna De Los Tres hike from town this is a great stop on the way back.