Climbing this 1394m volcano is challenging but worthwhile. Guides are required for the seven- to eight-hour round-trip trek (with four to five hours of climbing); at the top, you’ll reach cloud forest ending with a steep crater descent to a chilly jade-green lake. There are three trails to the top: the most popular at Finca Magdelena and two slightly longer trails beginning at Hacienda Mérida and Finca El Porvenir. The Finca Magdalena trail offers the money shot of Volcán Concepción.
Prices depend on where you start, whether you need transportation, and how many are in your group: you'll pay anywhere between US$15 and US$30 per person. Your lodgings can help you arrange the excursion.
If climbing is not your thing, consider horseback riding or cycling around the circumference of Maderas (35km) on the rough dirt road; you'll be passing through one of the remotest parts of Nicaragua. Both can be arranged through local accommodations.