Placido Dos S.
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This is a legit local joint for seafood. Located a 5-10 minute drive away from the touristy malecón center in La Paz. El Toro Güero is very popular with locals.
The menu choices are numerous and varied, the seafood is very fresh, portions are large enough to share and prices are very reasonable. Lots of easy streetside parking. Ample open air dining under a huge palapa-like roof and roving mariachis during evenings.
If you are searching for a great fish or seafood meal at a reasonable prices, make your way here for the real Mexican experience.