| Year: | 1986 |
| Team: | Arkansas State Indians |
| Sport: | football |
| Conference: | Southland Conference |
| Short Conf: | Southland |
| Record: | 12–2–1 |
| Conf Record: | 5–0 |
| Head Coach: | Larry Lacewell |
| Hc Year: | 8th |
| Stadium: | Indian Stadium |
| Champion: | Southland champion |
| Bowl: | NCAA Division I-AA Championship |
| Bowl Result: | L 21–48 vs. Georgia Southern |
The 1986 Arkansas State Indians football team represented Arkansas State University as a member of the Southland Conference during the 1986 NCAA Division I-AA football season. Led by eighth-year head coach Larry Lacewell, the Indians compiled an overall record of 12–2–1 with a mark of 5–0 in conference play, winning the Southland title for the second consecutive season. Arkansas State advanced to the advanced to the NCAA Division I-AA Football Championship playoffs, where they defeated Sam Houston State, Delaware, and Eastern Kentucky en route to the NCAA Division I-AA Championship Game, where they were defeated by Georgia Southern.