This may be the easiest, most beautiful waterfalls to get to in all of Arkansas. It falls about 10 feet down but can be very wide during high water.
From out of Jasper, take Highway 7 south to Pelsor -- and then take Highway 16 East 10 miles , to Forest Road 1205. The road leads you to (and past) the Richland Creek campground where there are dozens of great camp sites sites and scenery.
However, FR 1205 runs along Falling Water Creek, and just off the road at about 2.3 miles is Falling Water Falls.
You can see it from the road (it's hard to miss), and you can view it from the car. But get out and explore it a bit for a great little waterfall just barely off the beaten path.
This seems to be a great recreational area: there is a rope that people use to flip themselves off the falls into the water below and some stairs, nailed to a tree, that help you get up to the top to do it again. I've also seen pictures of kayakers going over this falls during high water. I cannot condone any of these activities, but if you're with someone who really knows the falls well and can be sure you can do it safely, then, well, enjoy.
There are also a lot of great campgrounds right off the road here along Falling Water Creek. It's just a beautiful area that has a lot of great camp sites along it.