Los Peleones — This second storey spot is currently #1 on Trip Advisor for restaurants in Holbox, with a certificate of excellence for 2013. While it's not the cheapest place to find food on the island, it's by no means expensive for the service and food you get. Our plates were somewhere between $120-150pesos each. Beers are $30 while mix drinks are the standard $60-80pesos. We had some quality, homemade pasta and as attentive service as you'd ever want.
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Cariocas Pizza — This was the first dinner we had on Isla Holbox. The place was packed, but they seemed to manage the rush well, even after a misstep with our order. The owner is from Napoli and must've brought over his mama's Italian recipes, because what they were serving on those pies was a damned fine marinara sauce. If you like pizza, which you do, go here.
Raices — We ate here two lunches in a row. It's a small palapa bar on a quiet part of the beach just out of town. Their fish ceviche could just be the best ceviche I've ever had. I'm not going to pretend I'm some kind of culinary expert or anything, but I eat a lot of ceviche. A lot. You get huge chunks of freshly caught fish, a great mix of lime, onions and peppers. Ask for the fresh chopped habanero for an added bonus.
I'd go back to the island just to eat here, but don't expect anything fancy, just good ceviche, a run-down palapa, cold beer and a view of the ocean.