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Masaya volcano is the mouth of Hell. One of the very few lava lakes in the world, and this one is easily accessible. take a taxi or a tour. It is even more beautiful at night. Depending on the activity of the volcano it is possible to walk around the various crater or explore some caves during day time. There is also a nice museum.
An open area with an awesome view of the Masaya Volcano and the Masaya Lagoon.
Craft Market
The market that resembles a castle; it was built at the ends of the 19th century. It is one of the most visited touristic places in Masaya. There you can buy any kind of handicraft made in the country. Also on site is a folklore museum, displaying the area's customary dress and ways of life.
Geographic oddity where 7 streets converge.
An old fortress that dates back to the 19th century, with an awesome panoramic view of the city and its surroundings.