From Wikipedia, the free encyclopedia. Frye Island is a town in Cumberland County, Maine, United States. Located in Sebago Lake, the island is accessed via a public car ferry from Raymond Neck, or by private boat.All residents of the resort town are seasonal. popular legend on Frye Island tells of Captain Frye and his escape from a tribe of Native Americans in Portland. While being chased, Captain Frye came upon a large rock, now known as Frye's Leap, and had no way of going around it.