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 Rosemary McKay and her Deputy Chief Leonard "Wayne" Brown; their 3-year term began on April 1, 2014. In addition, the First Nation's Council is four councillors: George Chapman, Cecilia Fiddler, George Kamenawatamin, and Roderick Kamenawatamin.