Masaguara (Spanish pronunciation: [masaˈɣwaɾa]) is a municipality in the Honduran department of Intibucá.

At the time of the 2013 Honduras census, Masaguara municipality had a population of 15,892. Of these, 88.16% were Mestizo, 9.87% Indigenous (9.65% Lenca), 1.72% White, 0.23% Black or Afro-Honduran and 0.02% others.

14°22′0″N 87°59′0″W / 14.36667°N 87.98333°W / 14.36667; -87.98333