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The top 3 hikes in Costa Rica-

Corcovado- Its a rugged and raw hike for 23 km in jungle, sleep at Sirena ranger station (or 2 nights is better) then hike 17km to La Leona, timed with tides for river crossings, guide recommended, need permits/reservations and suggest buying the meals, then you cna hike woth just a change of clothes, leave everything in Pt Jimenez. 10 hour bus ride from San Jose.

http://www.corcovadoguide.com/

Chirrpo- La Amistad- This is a hike up the second highest peak in Central America at 11,000+ ft. 2 say/1 night going up, 1 day going down. Need to have long underwear/hat/gloves/cold weather jacket/high winds/below freezing at night.

http://www.moon.com/destinations/costa-rica/south-central-costa-rica/chirripo-and-vicinity/chirripo-national-park

Rincon- This a great area to hike with multiple trails, though the 2 going to the summit are closed due to volcano activity.

http://www.anywherecostarica.com/destinations/rincon-de-la-vieja-costa-rica

Please keep in mind there are multiple issues to consider in these places, for one, there are poisonous snakes, Vipers, some are in true jungle, where going alone is not advised, then you have getting lost as a factor, this is a real risk, as trails are not well marked, and weather/clouds/fog and rain can make the hike a nightmare, especially the higher elevations of Volcanoes (Ometepe Island/Rincon CR), and then you have the issue of robbery/mugging, random but a real threat, having a guide, or a group, or a armed escort, is sometimes needed. Then you have private land/trespassing issues/going where you should not go, so National Parks offer the best security, usually, depending where you are.

Lots of great hiking in Nicaragua. Moon Nicaragua, (and Costa Rica) has all the info you need for getting off the beaten path, which sometimes, is not that wise....

http://www.moon.com/destinations/nicaragua/discover-nicaragua/explore-nicaragua/hiking-nicaragua-s-ring-fire

http://www.quetzaltrekkers.com/

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Very helpful information. Great links! Thanks so much.

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If you're in Nicaragua, I highly recommend Somoto Canyon near Esteli. It's a hike and swim through a few kilometers of canyon.

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Try "nativo tours" (contact them on facebook) or "matagalpa tours" for the Matagalparegion. Northward Nicaragua is Matagalpabased but covers bigger part of the region.

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We did a lot of hiking in Nicaragua. Volcanoes Concepcion and Maderas on Ometepe (very different and especially Concepcion is a challenge... but the top is often covered in clouds). Volcano San Cristobal near Chinandega. Volcanoes Telica, Cerro Negro (near Leon) and Cosiguina (peninsula north of Leon) are not hard but still amazing. We loved the Rio San Juan (did a lot of kayaking in Guatuzos, Rio Papaturro) and for hiking you could go to Indio Maiz close to El Castillo.

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Awesome. Thanks for all the info everyone. I will be doing a marathon on Ometepe, however I am considering doing hikes around Conception or "ring of fire" area. I will also look into the Somoto Canyon area. Looks amazing.

Does anyone have any experience with Honduras? Particularly around the Parque Nacional Montaña de Celaque?

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The San Ramon waterfall on Ometepe is a short hike but worthwhile. Not super-crowded. Last week I did it and there were a total of 6 other people in the afternoon.

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Can't say enough about Quetzeltrekkers in Leon: http://leon.quetzaltrekkers.org/

Volcan Hoyo was amazing.