The first residents in Lake Village were pioneers from Missouri. When Lake Village was appointed county seat it was the fourth county seat Chicot had had. The two first ones had been washed away by the Mississippi River and the third one had been to far inland. Lake Village had a perfect location, not to far from the river, but not to close and beautifully located on the banks of lake Chicot. The town soon became popular for recreation and relaxation and the swamplands west of Lake Village were popular for hunters, fishers and trappers.
The town was incorporated in 1857. the town had no government to start with since the town had just built up around the county government with Saloons, stores, hotels and law offices.
Lake Village is known for being the place of the first night flight of one Charles A. Lindbergh, the first man to cross the Atlantic ocean nonstop in an airplane. This first night flight of his took place in April of 1923 and he had several passengers with him. there is still a monument in Lake Village marking the spot where he landed.