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A new and unique x Mangave plant named ‘Niagara Falls’ characterized by a medium to large mound of broadly lanceolate, fleshy, longitudinally-folded, dark green foliage having a broad yellowish-chartreuse margin and chartreuse intermediate zone. The leaves cascade or arch downward toward the tips with maturity. Foliage displays spots of purplish-red color in high ultraviolet exposure mainly concentrated near the leaf base. Leaves are deeply scalloped with medium-sized teeth. The new plant is suitable for the garden or as a potted plant in the garden or home.