Akkineni Lakshmi Vara Prasada Rao (17 January 1908 – 22 June 1994), known popularly as L. V. Prasad was an Indian film producer, actor, director, cinematographer and businessman. He was one of the pioneers of Indian cinema and is the recipient of the Dadasaheb Phalke Award, the highest Award for films in India.

The Prasad Studios, Prasads IMAX and L V Prasad Eye Institute were founded by L.V. Prasad's group. L.V. Prasad was the chairman of the 27th National Film Awards Selection Committee held at New Delhi in 1980. He was the chairman of the All India Selection Panel of Indian Panorama section for the 8th International Film Festival of India from 3 to 17 January 1981.

Prasad was also the chairman of the International Jury for Children's Film Festival held in November 1981 at Madras. He was elected as the President of The South Indian Film Chamber of Commerce for the year 1982–83.

He was the Member of the Board of Film Censors from October 1980 to February 1987. L.V.Prasad was Chairman of the Studio Owners, Council, a wing of Film Federation of India. The Government of India released a Commemorative postage stamp in his memory in 2006.