Lake Montezuma is a census-designated place (CDP) in Yavapai County in the U.S. state of Arizona. The population was 5,111 at the 2020 census. The CDP includes the communities of Rimrock and McGuireville. Located along Interstate 17, it is 20 miles (32 km) south of Sedona and 8 miles (13 km) north of Camp Verde in central Arizona's Verde Valley.