The off-road triathlon or duathlon near Glenorchy meanders through Paradise bush where parts of the Lord of The Rings and Narnia films were filmed.
Organiser Adrian Bailey said the location of the course was "something special" and he was expecting more than 100 competitors to show up on race day.
"The word paradise says it all, really."
Mr Bailey said he expected competitors would be made up of both local and national athletes.
"It will be a bit like the Lake Hayes and Jack's Point triathlons - the great majority sign up on the day."
Those entered in the triathlon will swim 750m along Diamond Lake, cycle 18km around a Paradise Homestead loop and run a further 6km on the homestead property.
Duathlon competitors will replace the swim with a 1km run near the lakeside. There is also a smaller DU IT challenge as well as the kids triathlon available.
• The ActiveQT third triathlon at Paradise will be held on Sunday, February 19, at the Paradise Homestead. Both the triathlon (swim or kayak) and duathlon costs $40 for adults and $25 for juniors (15-18). Teams cost $80. The shorter DU IT Challenge costs $20 for adults and $15 for juniors (10-18).
The kids triathlon costs $15 and is open to 10-14-year-olds.
