The lake is surrounded by many villages, in which Maya culture is still prevalent and traditional dress is worn. The Maya people of Atitlán are predominantly Tz'utujil and Kaqchikel. During the Spanish conquest of the Americas, the Kaqchikel initially allied themselves with the invaders to defeat their historic enemies the Tz'utujil and Quiché Maya, but were themselves conquered and subdued when they refused to pay tribute to the Spanish.
Santiago Atitlán is the largest of the lakeside communities, and is noted for its worship of Maximón, an idol formed by the fusion of traditional Mayan deities, Catholic saints and conquistador legends. The institutionalized effigy of Maximón is under the control of a local religious brotherhood and resides in various houses of its membership during the course of a year, being most ceremonially moved in a grand procession during Semana Santa. Several towns in Guatemala have similar cults, most notably the cult of San Simón in Zunil.
While Maya culture is predominant in most lakeside communities, the largest town on the shores, Panajachel, has been overwhelmed over the years by tourists. It attracted many hippies in the 1960s, and although the war caused many foreigners to leave, the end of hostilities in 1996 saw visitor numbers boom again, and the town's economy is almost entirely reliant on tourism today.
Several Mayan archaeological sites have been found at the lake. Sambaj, located approximately 55 feet below the current lake level, appears to be from at least the pre-classic period. There are remains of multiple groups of buildings, including one particular group of large buildings that are believed to be the city center.
A second site, Chiutinamit, where the remains of a city were found, was discovered by local fishermen who "noticed what appeared to be a city underwater". During consequent investigations, pottery shards were recovered from the site by divers, which enabled the dating of the
