The national broadcaster LRT was notified of his death by his daughter.
Lithuanian President Gitanas Nauseda and Prime Minister Ingrida Simonyte have extended condolences to the family of the famous artist.
Rakauskas was born 1941 in Akmene. He studied journalism at Vilnius University from 1959 to 1962. In 1969, Rakauskas founded the Lithuanian Society of Photography Art.
He held over 70 personal exhibitions in Lithuania and abroad.
His works are owned by private collectors in Lithuania and abroad.
In 2004, Rakauskas received a cultural and art award from the government and was then awarded a National Prize for Culture and Art in 2009.
Rakauskas was also awarded a Knight's Cross of the Order of the Lithuanian Grand Duke Gediminas for his work.