Bananal [1] is nestled amidst the Serra da Bocaina [2], a largely unspoiled region of mountains covered in dense Atlantic forest that stretches all the way to the southern coast of Rio de Janeiro state [3]. Exploring the region is quite difficult without a car or guided excursion. However, you can still get a small taste of what the area has to offer.
From the center of town, you can easily walk through the hills along a 6-kilometer (4-mile) stretch of the Estrada da Turva to the Recanto da Cachoeira [4] (tel. 12/3116-5527, R$4). Owned by a local couple, this small patch of tamed wilderness—with the Rio Turva running through it—is open to visitors. After getting a hydromassage in the cascades, you can relax with beer and snacks at a small shaded bar or on a tiny island in the middle of the river.
Two more impressive waterfalls can only be reached by car. The nearby Cachoeira da Usina (Rodovia SP-247 Km 9) is on the premises of the Fazenda Cachoeira [4]. More distant, the Cachoeira do Bracui (Rodovia SP-247 Km 38) has five separate falls and a magnificent view that stretches as far as the bay of Angra dos Reis [5].
Links:
[1] http://www.moon.com/destinations/brazil/sao-paulo/serra-do-mar/bananal
[2] http://www.moon.com/destinations/brazil/sao-paulo/serra-do-mar/bananal/sights/parque-nacional-da-serra-da-bocaina
[3] http://www.moon.com/destinations/brazil/rio-de-janeiro
[4] http://www.moon.com/destinations/brazil/bahia/the-reconcavo/cachoeira
[5] http://www.moon.com/destinations/brazil/rio-de-janeiro/costa-verde/angra-dos-reis