We present a real-time depth recovery system using Light Fall-off Stereo (LFS). Our system contains two co-axial point light sources (LEDs) synchronized with a video camera. The video camera captures the scene under these two LEDs in complementary states(e.g., one on, one off). Based on the inverse square law for light intensity, the depth can be directly solved using the pixel ratio from two consecutive frames. We demonstrate the effectiveness of our approach with a number of real world scenes. Quantitative evaluation shows that our system compares favorably to other commercial real-time 3D range sensors, particularly in textured areas. We believe our system offers a low-cost high-resolution alternative for depth sensing under controlled lighting.