Waconda was the daughter of a great Chief. She became infatuated with the son of another chief of a hostile tribe. The intimacy between Waconda and the young brave was strongly opposed by the parents of both, but the lovers would brook no interference, so finally the tribes met on the plain surrounding the spring and a battle ensued. The lover of the fair Waconda, weak from loss of blood, fell headlong into the depths of the pool, while the maiden, frantic with grief, turned upon her cruel father and charged him with being the murderer of the one whose teepee she had agreed to share. The father bent his bow and a moment later an arrow was sent crashing into her skull and the body followed that of her lover into the water of the spring, which the Indians named Waconda, and they still believe that the spirit of the maiden dwells in the spring.

Located three miles east of Cawker City and near the river, the spring flowed from the top of a 42 foot flat-topped mound. The body of water was over 50 feet in diameter and had an undetermined depth. Rain or drought never affected the tranquil waters. Many people thought that the water rose and fell with the ocean tides.