The Pantanal [1] is too far from Campo Grande to be explored in a day trip. However, it’s possible to organize 3–5-day ecotours with city-based operators. Ecological Expeditions (Rua Joaquim Nabuco 185, tel. 67/3042-0508, www.pantanaltrekking.com [2])—whose office (across from the bus station) is located within a youth hostel run by the owner—offers very decently priced excursions into the Pantanal (for around R$100–150 pp per day), including horseback riding, boat trips, piranha fishing, and nocturnal hikes. Accommodations are at their own lodge or campsite (where you get to sleep, Indian-style, in hammocks under thatched roofs). They also run tours to Bonito [3], where they have a hostel as well.
Impacto Turismo (Rua Padre João Crippa 686, tel. 67/3325-1333, www.impactotour.com.br [4]) has an enormous variety of packages to choose from to the Pantanal [1] and Bonito [3] along with a staff of knowledgeable and bilingual eco-guides. They are experts at tailoring trips to a diverse range of interests, and can meet the needs of clients ranging from biologists, bird-watchers, and anglers to families, elderly tourists, and gay and lesbian travelers. They can also arrange transportation and accommodations in fazenda lodges [5] and pesca-hotéis.
Links:
[1] http://www.moon.com/destinations/brazil/brasilia-and-the-pantanal/the-pantanal
[2] http://www.pantanaltrekking.com
[3] http://www.moon.com/destinations/brazil/brasilia-and-the-pantanal/the-pantanal/bonito
[4] http://www.impactotour.com.br
[5] http://www.moon.com/destinations/brazil/brasilia-and-the-pantanal/the-pantanal/fazenda-lodges-the-pantanal