New Hubble images of the reflection nebula CRL 2688 from 0.6 to 1.6μm reveal significant variations of color and opacity in the distribution of scattered starlight. We have constructed a detailed radiation-transfer model consisting principally of an optically thick equatorial disk-like structure; bipolar lobes with density enhancements along the polar axis and at the base of lobes; an optically thin extended envelope containing spherical density-enhanced shells to mimic the outer rings of CRL 2688; and a pair of near-stellar caps that collimate and redden the dispersing starlight near its source. Our model nicely reproduces all of the basic features detected in the HST images, including the famous searchlights and arcs, as well as the measured spectral energy distribution (“SED”) of CRL 2688. Assuming a distance of 420 pc we estimate the light originates in a giant star with a temperature T ~ 7000 K and a luminosity L = 5500 ± 1100 L⊙.