Bhaje Caves situated at Malavali near lonavala. The Bhaje caves are amongst the oldest monasteries excavated by monks of the Hinayana order carved around 200 BC.

The Bhaja caves share the same set of architectural designs as Karla caves.There are 14 stupas, five inside and nine outside the caves. One of the caves has some fine sculptures. Near the last cave is a waterfall which, during the monsoon season, has water that falls into a small pool at the bottom