Playa Parguito is basically next to Playa El Agua, just south of it, on the northeast coast of Margarita island. The road leading there from the main road is marked with a large sign clearly, so it's easy to find.
Playa Parguito is quite popular among the locals, and the beach is usually full during the weekends and Venezuelan holidays. Since the beach is not very wide, this can make it a little crowded on those times, but had relatively few people when we went.
You will find all typical beach services. Just rent a beach chair from a restaurant and then you can then use their shower and toilet as well. There are several nice restaraunts. I was impressed with the Mesopotamian theme and decor of the Biblos restaruant (see pictures in this section), whose entrance from the road had large seehorse statues and fountains.
Playa Parguito has nice, white sand, with occasional small seashells. The waves of clear water can be quite high and rough for swimming, with choppy or rolling waves - but are great for surfing. The sourthern end of the beach attracts surfers, and even some surf contests are held on Parguito beach.
Bordering the beach on the south side are a couple of rocky hills that you can easily follow a path (or make your own) and climb to get a beautiful scenic aerial view of the beach below. The hills are mostly interesting jagged and pocked rock formations with quartz-looking crystals occasionally, mostly barren, but with some cactus and other small plant growth. The rocks near the seawater had several crabs crawling on them, and can be a little slippery. I also noticed many kinds of birds while exploring the area, and some small lizards.
In an inlet between the hills at the waterfront is a cave, which you would need to swim to enter (I would have tried it, but didn't want to get my digital camera wet). Without going in the cave, I couldn't tell how large it was, but sea waves definitely went considerably further than I could see inside. Actually there is reported to be a series of several caves within the rocky coastline continuing on south from Parguito beach towards Puerto Abajo and Playa El Tirano (away from Playa El Aqua), for the adventurous spelunkers to explore. We only saw one of the caves on our trip to Parguito (in March 2006), but didn't go too far from Parguito Beach. Caution is advised, especially if you go beyond the first hill -- it would be best to go with some friends. According to one website, spelunking expeditions are best organized through members of the Venezuelan Speleogical Society, but that is probably only for the much larger caves on the Venezuela mainland.
One of the caves is called "the Witches Cave", named since Colonial times, because according to historians a witch hid there from the Conquistadors and their religion. According to some local superstition, the story ends with the witch transforming into a strange black fish. Well that's a bit weird, so take with a grain of salt - or many :-).