Lagoa do Fogo is an interesting hike from the coast into a volcanic crater in the centre of Sao Miguel island, no buses can get there, to visit it is a 6 mile hike up a steep track, narrow path.
Again, we caught the bus from Ponte del garda and travelled out along the coast to the large Pink hotel just before Agua de Pau.
Like many things in the Azores, the sign posts are not the clearest and if you travel by public transport you need to alight at this hotel, follow the road for around 1/2 mile and you will see the start of the track on the left hand side, tarmac at first, there is parking for maybe 6 cars part way up.
After the first mile you hit the track proper and start the climb through forests and trees.
The trail takes you alongside the Levedas before it opens out into a landscape like something out of Narnia, beautiful and verdant. (Someone elses analogy but that description nailed it for me)
The trail takes you eventually through some pump houses and finally up onto the brim and a weather station, it is possible to walk around the lake from here but you will need a full day.
Well worth the effort and the sights are incredible, make sure you take waterproofs however as rainfall can be sudden and heavy.