I traveled through Central America by bus when I was 21 (5 years ago). Here are some places I would recommend, based on what you say you're looking for:
- Antigua & Lake Atitlán in Guatemala (volcanos, beautiful scenery, enormous mountains, lakes, plenty of guided hikes/adventures)
- San Cristobal de las Casa in Mexico (just the trip to get there is amazing, but then there is so much stuff to do, culturally and also travel-wise. I went on a canyon river tour, rode a bike to a nearby indigenous village and saw awesome independent movies from all over the world)
- Grenada in Nicaragua (this place is a little off the beaten path, was kind of still undiscovered when I went there but had an awesome hostel for $6/night. an enormous lake, neat day trips, volcanoes, huge markets, very fun and beautiful colonial town!)
- West coast of Costa Rica, there are tons of beaches. The sky is really the limit there, and of course it is a wealthier country which brings benefits and drawbacks.
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