This study examines the associations between activity restriction related to fear of falling and sociodemographic and health factors among people aged 60 and older living in the Colombian Andes mountains. The sample includes 1,668 community-living participants. Outcomes included no fear of falling, fear of falling alone, or activity restriction related to fear of falling. Fear of falling was reported by 83.3%, and of these 52.2% reported activity restriction. Independent factors for activity restriction (vs. fear of falling alone) were low income, functional difficulty, falling or decreasing physical activity, polypharmacy, poor self-perceived health, and depression. The prevalence of overall fear of falling and related activity restriction was surprisingly high because this is a physically active population. Participants with activity restriction related to fear of falling have decreased physical activity or functional status, poor self-perceived health, and worse depressive symptoms than those who have fear of falling alone.