Picacho is an unincorporated community and census-designated place in Pinal County, Arizona, United States. The population was 471 at the 2010 census.Picacho is located near Interstate 10 4.5 miles southeast of Eloy and 7 miles northwest of Picacho Peak State Park. Picacho has a post office with ZIP code 85241, which opened in 1881. The community's name is Spanish for "peak" and is derived from the Picacho Mountains. Picacho has a ZIP Code of 85241; in 2000, the population of the 85241 ZCTA was 521.By late 2012 parts of Picacho will be removed under Arizona eminent domain law on account of Interstate 10 expansion.In 2010 Picacho had a population of 471. The racial and ethnic makeup of the population was 62.4% Hispanic or Latino, 33.8% non-Hispanic white, 0.6% non-Hispanic black, 0.7% Hispanic blacks, 1.5% non-Hispanic Native American, 1.0% Hispanic Native Americans, 0.6% non-Hispanics reporting some other race and 7.0% of the population reporting two or more races.