El Tépalo waterfall can be reached on foot from Ajijic. From the center follow Guerra and Encarnación Rosas north, then turn right on Callejón al Tépalo; an empty shed with a basic map posted marks the official starting point. After reaching the main waterfall (40 minutes), which is only visible in the rainy season, you can carry on following the trail markers (white paint splashed on rocks). The trail will ultimately reach a clearing atop a saddle from where you can descend.
Allow two to 2½ hours for the circuit.