"Hiking" is what the locals call transportation. It's everywhere.
No, there are no "hiking" trails per-se, but if you pick a path off the road and into the woods, well... off you go.
Absolutely take all the water you will need and insect goop. The chances are very slim, but encounters with undesirables are a possibility, so keep your fancy cameras to a minimum and in your backpack. Not very likely, overall.
Where are you staying? If you are on the N & W, you can make a day loop by walking SW over the ridge to the far SW tip, then head E to Coxen Hole, then North back home. Som folks just light out along the Northern Coast and press NE as far as Hotasparrow or Jonesville.
I'd rather be diving.
A great diversion is to get into a water taxi and have them take you "East". This works anywhere along the North Coast, and if you are on the South side, embark after the cab ride drops you in Oak Ridge. With luck, you may make the short open ocean crossing to Barbaretta.
Roatan will never be the adventure it was just yesterday, as each day the island is "becoming more civilized". (Depending on your deffinition) There is still time and room to explore. Just wear sunscreen and a smile.