Three settlements make up the Bearskin Lake First Nation. Originally located on Bearskin Lake, their main community moved to its present site on Michikan (Fish Trap) Lake in the 1930s. Their main settlement, located on Michikan Lake is accessible only by air or winter road. The main village is situated on the west shore of the lake and all three communities are tied to one another by all weather gravel roads. The First Nation still retains the 12,626.3 ha Bearskin Lake Indian Reserve.
Bearskin First Nation is governed by Chief Rodney McKay and his Deputy Chief Bruce Kamenawatamin. In addition, the First Nation's Council is four councillors: Tommy Fiddler, George Kamenawatamin, Robert Kamenawatamin, and Joyce Mckay.