Walking, of course, is the easiest way to get just about anywhere within a given area. If you are in a smaller town and need to go from your hotel to a restaurant, walking may be your best bet, and it will be the least expensive.
Rent a bicycle. There are locations throughout Honduras where a bike can be rented for around $10 a day. This will help if you are in a medium-sized city and trying to sight-see on foot. The bike will allow you to cover more ground and is relatively inexpensive. It may not be the safest idea to travel through busy cities on bike if you are not familiar with the flow of traffic, nor is it safe to do it out on the highway system around Olancho. This is because this area is known for roadside robberies.
Hailing a taxi will be one of the more reliable modes of transportation, especially if you're not exactly sure where you are going. Unlike other countries, the taxis in Honduras do not have a meter, but in-town rides are generally fixed at around 50 cents to $1. Just make sure to confirm the price of the ride before getting into the taxi.
Hop onto a bus if you are traveling from city to city. These will charge up to $6 for the longer rides through the country (Tegucigalpa-San Pedro Sula for 4 1/2 hours). Do not use inner city buses because pick-pocketing is common and buses can sometimes be stopped by local gangs for toll payments.
Travel to any of the small islands around the country of Honduras and you will need to take a water ferry. These ferries vary in price but will often be the only way you can ride out to a given islands. Prices vary from location to location but will generally be more than $15.
