Gualaco is a municipality in the north of the Honduran department of Olancho, west of San Esteban, north of Santa Maria del Real and east of Guata.

Gualaco is served by Jicalapa Airport, a grass airstrip 3 kilometres (1.9 mi) southeast of town.

At the time of the 2013 Honduras census, Gualaco municipality had a population of 21,863. Of these, 97.11% were Mestizo, 1.76% White, 0.56% Indigenous, 0.50% Black or Afro-Honduran and 0.07% others.