The Teatro Municipal is the main performing arts venue in La Paz, a neoclassical building dating from 1845 that sits a short walk from El Prado. The interior has been restored and the programme covers ballet, classical music, theatre, and opera, as well as Bolivian folk performances. Ticket prices are reasonable by any standard and genuinely cheap by European ones.
The building is worth looking at from the outside even if you don't catch a performance — the facade is one of the better pieces of 19th-century civic architecture in central La Paz. Check with the box office or the Teatro Municipal's social media for current listings; the programming is uneven in quality but the best performances are very good.