It is a very small indigenous town, or pueblita in the state/region of Chiapas, Mexico. Here are several waterfalls cascading from one blue pond into the next. Little paths lead through the jungle along the water. Tourism is just pitching into this beautiful place. Remember it is very small village - no place to stay or to buy items. So you need to bring all your food or stop at one of the local restaurants at the entrance. Go back to Palenque town by evening. The colectivos mostly stop running by 6pm, but later you can go for special rides with the colectivo owners which is normally expensive. Entrance fee to the waterfalls is 20 Pesos. If you speak Spanish you can ask a guide to show you around. But the falls and caves in the jungle are close to each other, so you can also explore them on your own and take a swim.
You can take a colectivo from the local market in Palenque. The ride takes around 45 minutes for 50 Pesos (Sep'16). In El Panchan half-day tours are offered for 150$. They start at noon and offer enough time for a swim. Unless you want to stop in town for shopping, they are interesting.