The Centro Cultural Miguel Ángel Asturias [1] (24 Calle 3-81 Zona 4, tel. 2232-4042/3/4/5) hosts ballet and a number of cultural events throughout the year. Check listings in the Prensa Libre newspaper or Recrearte, a free monthly publication widely available in tourist shops and hotels.
Somewhat less cultured but extremely hilarious (if you understand Spanish) are some cheesy comedy productions featuring the antics of rural Guatemalans from the town of Huité starring comedian Hugo Aldana as the character Teco. The productions change from time to time but are usually in the same venue, the Teatro de la Cámara de la Industria (Chamber of Industry Theater, Ruta 6, 0-21 Zona 4, tel. 2334-4848 or 2331-9191, showtimes 8:30 p.m. Fri. and Sat., 5 p.m. Sun., $8).
For other cultural events, check the entertainment section of this useful Spanish-language website [2].
Links:
[1] http://www.moon.com/destinations/guatemala/guatemala-city/sights/zona-4/centro-cultural-miguel-angel-asturias
[2] http://www.deguate.com/artman/publish/entretenimiento.shtml