<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001500321</cik>
        <entityName>US DEBT FUND EAGLES NEST I, LLLP</entityName>
        <issuerAddress>
            <street1>8090 NORTH 85TH WAY</street1>
            <street2>SUITE 101</street2>
            <city>SCOTTSDALE</city>
            <stateOrCountry>AZ</stateOrCountry>
            <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
            <zipCode>85258</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>480-350-7050</issuerPhoneNumber>
        <jurisdictionOfInc>ARIZONA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Limited Liability Limited Partnership</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>PHILLIP</firstName>
                <middleName>JOHN</middleName>
                <lastName>CARROLL</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8090 NORTH 85TH WAY</street1>
                <street2>SUITE 101</street2>
                <city>SCOTTSDALE</city>
                <stateOrCountry>AZ</stateOrCountry>
                <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                <zipCode>85254</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ROBERT</firstName>
                <middleName>JAMES</middleName>
                <lastName>CHILTON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8090 NORTH 85TH WAY</street1>
                <street2>SUITE 101</street2>
                <city>SCOTTSDALE</city>
                <stateOrCountry>AZ</stateOrCountry>
                <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                <zipCode>85258</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>SCOTT</firstName>
                <middleName>D.</middleName>
                <lastName>MCPHERSON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6740 E CAMELBACK ROAD</street1>
                <street2>SUITE 104</street2>
                <city>SCOTTSDALE</city>
                <stateOrCountry>AZ</stateOrCountry>
                <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                <zipCode>85251</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ERIC</firstName>
                <lastName>INABINET</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6740 E CAMELBACK ROAD</street1>
                <street2>SUITE 104</street2>
                <city>SCOTTSDALE</city>
                <stateOrCountry>AZ</stateOrCountry>
                <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                <zipCode>85251</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DAVID</firstName>
                <lastName>STEELE</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3111 DEL RIO DRIVE</street1>
                <city>NORTH VANCOUVER</city>
                <stateOrCountry>A1</stateOrCountry>
                <stateOrCountryDescription>BRITISH COLUMBIA, CANADA</stateOrCountryDescription>
                <zipCode>V7N 4C3</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001500321-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-07-16</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>20000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>SOURCE CAPITAL GROUP, INC.</recipientName>
                <recipientCRDNumber>36719</recipientCRDNumber>
                <associatedBDName>SOURCE CAPITAL GROUP, INC.</associatedBDName>
                <associatedBDCRDNumber>36719</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>276 POST ROAD WEST</street1>
                    <city>WESTPORT</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                    <zipCode>06880</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>DEWAAY FINANCIAL NETWORK</recipientName>
                <recipientCRDNumber>30767</recipientCRDNumber>
                <associatedBDName>DEWAAY FINANCIAL NETWORK</associatedBDName>
                <associatedBDCRDNumber>30767</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>13001 UNIVERSITY WAY</street1>
                    <city>CLIVE</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <stateOrCountryDescription>IOWA</stateOrCountryDescription>
                    <zipCode>50325</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>STEPHEN A KOHN &amp; ASSOCIATES</recipientName>
                <recipientCRDNumber>41067</recipientCRDNumber>
                <associatedBDName>STEPHEN A KOHN &amp; ASSOCIATES</associatedBDName>
                <associatedBDCRDNumber>41067</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3232 SOUTH VANCE STREET</street1>
                    <city>LAKEWOOD</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80227</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>12900000</totalOfferingAmount>
            <totalAmountSold>12815000</totalAmountSold>
            <totalRemaining>85000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>72</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>406775</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>475000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>US DEBT FUND EAGLES NEST I, LLLP</issuerName>
                <signatureName>ROBERT J. CHILTON</signatureName>
                <nameOfSigner>ROBERT J. CHILTON</nameOfSigner>
                <signatureTitle>GENERAL PARTNER</signatureTitle>
                <signatureDate>2010-09-02</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
