Teguise lies in the centre of Lanzarote, about 12 km north of Arrecife and an easy half-hour drive from the airport.
By car. From Arrecife or the airport (LZE), take the LZ-20 north — the road runs straight inland through fields of volcanic gravel and reaches the village in 20–25 minutes. From the northern resort of Costa Teguise the drive is shorter, around 15 minutes on the LZ-30. Parking is in marked areas on the edge of the village; do not try to drive into the cobbled lanes of the centre, particularly not on Sundays.
By bus. The island bus company Intercity Bus Lanzarote (locally known as the guagua) runs services from Arrecife and Costa Teguise to Teguise several times a day on weekdays; weekend service is much reduced. On Sundays a fleet of extra buses runs from every resort to bring market-goers in — the easiest way to visit if you are staying on the coast and don't want to drive.
Taxis are widely available but not cheap; from Arrecife to Teguise the fare is typically €15–20.