For fish tacos, a place called Gordo Lele’s is great (just north of the “Corner Bar” on Lazaro Cardenas and south of the Los Milagros Hotel). He also makes a great flank steak for 15 pesos (about US$1.50). A typical meal, with a Corona, is around US$7.
Javier, the owner, has been known to put on a blonde wig and sing Beatles tunes (see video below).
Lots of people just LOVE Javier. In 2008, Javier lost his lease on a spot he used to occupy and was forced to shut down. In the depths of the huge US recession, a bunch of wonderful folks on the Cabo forum on Tripadvisor banded together, located Javier and raised $5000 to get him back in business at his current location.