Malhar Rao Holkar (March 16, 1693 – May 20, 1766) is a noble of the Maratha Empire, in present-day India.

Malhar Rao is particularly known for being the first Maratha Subhedar of Malwa in Central India.

He is the first prince from the Holkar family that rules the Indore State.

He is one of the early officers in helping to spread the Maratha rule to northern states and is given the state of Indore to rule by the Peshwas.