Sargents Pond, also known as Lily Pond or Duncan Pond, covers an area of 62 acres and has a maximum depth of 16 feet. It is fed by Hyde's Brook and Horne Brook and drains into Hersey Brook, which flows into Lake Wentworth. The pond is named after Nathaniel P. Sargent, an early landowner in the area.

The Bill Rae Conservation Area is a nature reserve that protects about 160 acres of unfragmented forest land. The conservation area includes the summit of Whiteface Mountain, the highest elevation in Wolfeboro, and Sargents Pond, a scenic water body that attracts many birds. The conservation area is managed by the Wolfeboro Conservation Commission, which holds conservation easements on 19 properties in the town.

The Bill Rae Conservation Area and Sargents Pond are accessed on Sargents Pond Road going south from North Line Road.