Monguí is the base for some satisfying but little-trodden high-altitude hikes. It's the main starting point for the 18km journey on foot through the unique alpine tundra of Páramo de Ocetá. Due to disputes with local landowners, for this hike it is important to hire a local guide who knows which lands are open.
A slightly easier option is the half-day trek to the Laguna Colorada, which passes through some gorgeous páramo landscapes with six species of frailejón.
Bear in mind that both hikes ascend to altitudes of close to 4000m. Acclimatize with a night in Monguí first.
Monguí Travels offers great itineraries for both hikes.