You have to hike up a little (approximately 30-40 min) up a very picturesque road which goes through the forest. Follow the signs for Lago di Limides.
Because of its naturally strategic location, the colors and ambiance of the lake change throughout the day giving the place its iridescence and unique atmosphere that carries onto the photograph almost intact.
The peculiar nature of the lake with its almost phantasmagorical ability to dry up if there's been not enough atmospheric precipitation makes the lake worth visiting during rainy season, namely late September - mid October, where you can catch the beautiful reflection of the nearby mountains Averau, Sasso di Stria, Lagazuoi, and Tofana di Rozes. Particularly the latter, since Tofana mountain reflects quite photogenically upon the lake (provided you catch it at the right time). There are two photo points on the map I drew above -- each of which provides a scenic view to the mountains above. Aim at shooting north-east.
Hiking up the mountain, there are some perfect views -- approximately 100 meters (~320 ft) before the lake, there's a gorgeous photo point from which you can shoot a sunset panorama. Basically, this is a sunset photo location.
In case you own a drone, you can take gorgeous pics from above as well and travel all the way down the valley.