Abstract: A fly reel for storing and adjustably dispensing fishing line. The inventive device includes a main housing having a center hub projecting therefrom. A spool is rotatably mounted over the center hub and operates to receive and dispense a fishing line thereon. A brake assembly is mechanically coupled to the spool to allow the spool to rotate freely in a first direction, and to adjustably retard rotation of the spool in a second direction. The brake assembly includes a cylindrical beating interposed between the spool and the center hub. A ratchet plate is mounted to the cylindrical bearing and is engaged by a pawl mounted to the spool when the spool is rotated in the second direction. A center axle extends through the cylindrical bearing and can be axially biased against the cylindrical bearing to cause a frictional engagement of the ratchet plate with an interior of the main body, thereby retarding rotation of the spool in the second direction.