Lactarius fallax, commonly known as the velvety milk cap, is a species of fungus in the family Russulaceae.

Its fruit bodies are medium-sized, with velvety, brown to blackish caps up to 2–9 cm (0.79–3.54 in) in diameter bearing a distinct pointed umbo. The caps are supported by velvety stems up to 8 cm (3.1 in) long and 1.5 cm (0.6 in) thick. The mushroom oozes a whitish latex when it is cut, and injured tissue eventually turns a dull reddish color. The eastern North American and European species L. lignyotus is closely similar in appearance, but can be distinguished by its differing range.

Found in both spruce and mixed conifer forests, L. fallax is a fairly common species in the Pacific Northwest region of North America, with a northerly range extending to Alaska.