It is regarded as one of Latin America's most distinctive colonial-era expressions and as Nicaragua's signature folkloric masterpiece combining music, dance and theater.

[2] El Güegüense is performed during the feast of San Sebastián in Diriamba (Carazo department) from 17 to 27 January.

The theatrical play was written by an anonymous author in the 16th century, making it one of the oldest indigenous theatrical/dance works of the Western Hemisphere.

[6] Because deception for monetary gain is central to the plot of "El Güegüense", the play frequently is cited by newspaper editorials as a kind of symbolic archetype for perceived corrupt politicians or unaccountable public institutions.

[8] While the role of "El Güegüense" as the highest expression of Nicaraguan folkloric art is secure, the overt theme of the play–entry into the aristocratic lifestyle through deceptive means–is frequently held at arm's length in political speeches as contrary to the current vision of national growth occurring through hard work, economic diversification, and manufacturing exports.