300px|thumb|The Waterloo Monument on Peniel HeughPeniel Heugh (; 237 m)[1] is a hill near Ancrum and Nisbet in the Scottish Borders area of Scotland. On it stands the Waterloo Monument.
The heugh is composed of olivine micrograbbro, and is a volcanic plug.[2]
Places nearby include Bonjedward, Crailing, Jedburgh, Monteviot House, Roxburgh.
The Roman Heritage Way and St. Cuthbert's Way pass by the heugh and the monument.