The 1886 California lieutenant gubernatorial election was held on November 2, 1886, in order to elect the lieutenant governor of California. Republican nominee Robert Waterman defeated Democratic nominee M. F. Tarpey, Prohibition nominee A. D. Boren and Independent candidate Horace Bell.
On election day, November 2, 1886, Republican nominee Robert Waterman won the election by a margin of 2,493 votes against his foremost opponent Democratic nominee M. F. Tarpey, thereby gaining Republican control over the office of lieutenant governor. Waterman was sworn in as the 17th lieutenant governor of California on January 3, 1887.