Cerro Bayo is the mountain above town, used for skiing in winter and hiking, biking, and viewpoint trips when the snow is gone. It is smaller than the big resorts around Bariloche, but that is part of the appeal: the mountain feels tied to Villa La Angostura rather than to a separate resort bubble.
On clear days the upper slopes look over Lago Nahuel Huapi, the forested peninsulas, and the broken line of the Andes toward Chile. In changeable Patagonian weather, start early and ask locally about lift and trail conditions.