The Orizaba was one of the largest ships lost in Australian waters. The 6,077-ton, 140 m steel Royal Mail steamer of the Orient Line was approaching Fremantle on 16 February 1905 with 160 passengers when smoke from coastal bushfires hid the landmarks. Under Captain Archer she ran onto Five Fathom Bank about 2 miles west of Point Peron. Everyone was saved, but the ship could not be refloated. She was partly salvaged, then used by the armed forces as a demolition training site until the early 1980s, when she was protected as a historic shipwreck.

The wreck now extends about 130 m from bow to stern in 6–12 m. Demolition and a century of swell have reduced much of it to crumpled steel, and the bow has deteriorated noticeably in the last decade. The stern is the best part: the three large boilers, the triple-expansion engine crankshaft and the steering gear are still recognisable, and plates and frames form overhangs and small caves.

Fish life is excellent. Huge schools of buffalo bream and bullseyes swarm through the wreckage, and there are dhufish, queen snapper, blue groper, Port Jackson sharks, wobbegongs and stingrays. The surrounding bank has limestone reef with sponges and kelp.

Because the bank is exposed, the Orizaba is a fair-weather site; with more than a metre of swell the surge is uncomfortable. On a calm day, with clear water and a short run from Point Peron, it is one of the best wreck dives in the southern metro area. It suits Open Water divers with some boat experience and anyone with an interest in maritime history.

Launch at the Point Peron boat ramp on Cape Peron (a few minutes' run) or at Mersey Point or the Rockingham ramps. Head west past Cape Peron and the southern end of Garden Island to Five Fathom Bank; the bow lies at S 32°16.914' E 115°37.691' and the stern about 130 m east-south-east. Anchor in sand beside the wreckage, not on it.

The site is exposed, so check the swell forecast before leaving.

Five Fathom Bank is open to the Indian Ocean swell. Dive only in swell under about 1 m; anything more produces heavy surge on the shallow bank and can break over it. The site is usually dived after a spell of easterly weather, in the morning before the summer sea breeze.

North-westerly winds ahead of winter fronts close it.

Anchor in sand near the stern and descend to the boilers and engine, then swim west along the line of wreckage to the bow, about 130 m away, and return. Keep to 6–12 m and watch surge in the shallow sections.

Perth and Rockingham dive schools and clubs run occasional boat trips in calm weather; most dives are from private boats out of Point Peron.