Cape Fair is an unincorporated community in Stone County, Missouri, United States. It is located on Route 76 and the southern terminus of Route 173. It is on the west side of the James River arm of Table Rock Lake. The community is part of the Branson, Missouri Micropolitan Statistical Area.A post office called Cape Fair has been in operation since 1851. The community most likely was named for the river cape or sharp stream meander south of the original town site.