Rainbow Lakes Estates is an unincorporated community and census-designated place (CDP) in Marion and Levy counties, Florida, United States, established as a Municipal Services District. The Marion County part of the community is part of the Ocala, Florida Metropolitan Statistical Area, while the Levy County portion is part of the Gainesville, Florida Metropolitan Statistical Area. It was first listed as a CDP for the 2020 census, at which time it had a population of 3,438.