Colorados is a very good and consistent beachbreak that works best on SSW-SW swells and during medium tides (depending on swell size). A river flows out here and keeps the sandbar replenished. The surf tends to always be best from just on the north side to right in front of the river mouth. The south side of the river mouth is usually always walled out.
Colorados' perfection size is typically from around chest-shoulder high to 2-3 feet overhead (depending on sandbar quality and tide) -- anything bigger will usually wall out. Incoming sets will first bump up some on a reef way outside (which will even break on larger swells), before sinking back down then rising again at the lineup. The wave/peak can be quite shifty (which spreads out the crowd a little bit) with a fast peeling right, quite often with a hollow barrel. The lefts are usually a little less hollow than the rights, but still very racey, ripable, and hollow enough.
Colorados is best and most hollow on a low-mid to mid-high tide. On the peak higher tides, it becomes a bit backwashy and less hollow, and peak low tides can get drained out with bad rips. The best wind is obviously calm or light offshore (anything from north to east). Although Nica is known for the steady offshore flow due to Lake Nicaragua, sometimes it can blow a little too hard offshore. When these offshores are strong, you can often spot people getting pitched over the falls trying to get over the ledge.
Colorados is one of the most popular spots in Nicaragua, frequented mostly by visiting surfers, however the number of local surfers is steadily growing (especially among the kids). Unless you are staying at Playa Iguanas, access is often obtained by boat, or a long walk south from Rancho Santana. Source: Playa Colorado Surf Guide