Pony is an unincorporated community in northeastern Madison County, Montana, United States on the eastern edge of the Tobacco Root Mountains. In the late nineteenth century, Pony was a prosperous gold-mining community with at least 5,000 residents. A number of historic buildings from Pony's boom era remain in the old town today. Former Montana Lieutenant Gov. Karl Ohs owned a ranch in Pony, where he died in 2007.