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This dynamic waterfall sometimes features two distinct chutes and has a cable car ride available.
© OpenStreetMap contributors
This is the most impressive of the falls in the area with an option to hike to the source for a closer look. You can hike to it from both sides, the shorter one overlooks the falls from the top. The longer and a bit more strenous one (you need to cross the bridge for it) offers you views from the bottom. At the end of it there is a very narrow passage (only 80 cm high) where you literally need to crouch, but even if you don't do it then what you will see will be worth it. If you are taking a tour they may want to only take you for the first hike, but feel free to abandon your tour and cross the bridge to see the other one. There is plenty of transportation available which will take you back to Baños, including local buses charging $0.50 fare. There is a nice cafe (Cafe Pailón del Diablo) which can be reached from the longer hike, you need to cross a hanging bridge in order to get there.
Right next to the waterfalls, this public set of pools holds the heated water bubbling up from inside the earth and is popular among both Ecuadorian and foreign tourists. The water is quite cloudy but it seems it seems pools are completely emptied and cleaned at least daily. The pools have different temperatures, ranging from cold to very hot (signs advise not to stay more than 5 minutes, people alternate between this one and the coldest ones). $2 entry fee and they will keep your stuff behind the counter in an individual plastic bin. It is hygienic: they require you to change and shower before entering the pools, and wear a swimming hat which can be rented at the entrance. Nice view of the waterfall, and they channel some of that water for a rustic cold shower after your hot dip. The best time is to go at the end of the day, when the air is cooler and the sun goes down.