The Mata do Canário–Sete Cidades trail is the classic hike of the caldera: about 11 kilometres along the eastern crater rim, dropping from the road near Lagoa do Canário down into the village. It takes three to four hours one-way, mostly downhill, with the lakes in view almost the entire time. The path passes through laurel forest, eucalyptus stands, and pasture; on a clear day you see the south coast of São Miguel as you walk.
Local guides will collect you from Ponta Delgada, drop you at the trailhead, and pick you up in the village — or you can taxi to the top and walk down on your own (the trail is well marked). Wear boots: the trail is muddy after rain, and rain in Sete Cidades is not unusual. Carry water; there are no shops between the start and the village.