La Hacienda del Rey (corner of Calle Playa Sur and Calle 30 de Junio, tel. 7926-3647, all meals daily) is a South American steak house in the $10 range set in a wooden building with open sides that allow breezes to flow. It serves tacos in addition to sizable parrilladas (South American–style barbecued meats). A bar on the second floor, La Taberna del Rey, is set in an open-air deck overlooking the street below.
Down the street on the island’s western shore is 
Raíces Bar and Grill (tel. 5521-1843, 2 p.m.–10 p.m. Sun.–Thurs., 2 p.m.–1 a.m. Fri.–Sat.), serving large portions of grilled steak, chicken, and fish with scrumptious side dishes in a hip semioutdoor setting featuring a deck built over the lake. If you’re lucky, you might catch a thunderstorm here during the rainy season for a spectacular lakeside lightning show. Prices are in the $10 range. Order the kebabs and share with a friend.
If you’re into exotic meats or just want to give them a try, check out Restaurante El Gran Jacal (Calle Centroamerica, tel. 7926-3578, 7 a.m.–10 p.m. daily), where the specialty is farm-raised venison, Petén turkey, and tepescuintle. For a touch of authentic Petén cuisine, try the Pollo a la Jacal, tasty chicken in a somewhat sweet sauce.