By plane
Airlines offering international service to Tegus include:
Amercan Airlines Miami
Delta Atlanta
United Houston
Copa San Jose, CR and Panama
TACA Miami, San Salvador, Guatemala, and San Jose, CR
Tegus has a very nice, modern airport, though there are few budget flights to the city. Possibly less expensive is to fly to San Pedro Sula to the north and closer to the resorts on the Caribbean coast and take a bus from there to Tegucigalpa via Hedman Alas (http://www.hedmanalas.com/), Transportes Viana or any one of many other less expensive operators. Taxis from the airport to downtown may be negotiated to ~L100 as of June 2009.
By bus
There are a number of bus international bus lines running to Tegus from other Central American capitals. These offer first class, very comfortable service at a reasonable price. A trip from Managua, San Salvador, or Guatemala City would cost between 20-40 USD. Ticabus, is the most affordable and frequented by backpackers. Hedman Alas (http://www.hedmanalas.com), Nicabus, and King Quality, are other first class, reliable bus companies. Of course, it is also possible to travel on less comfortable, less expensive lines, but this is difficult or impossible to plan from afar. Internal travel in Honduras is easy enough, and made more easy thanks to the excellent transportation guide published by the Honduran tourism magazine called Honduras Tips, and available online at their website. Travel from La Ceiba, on the north coast, Empresa de Bus Cristina provides good service, at around 10USD for the 7-8h trip.
95% of buses coming to Tegus arrive into Comayagüela, the sister city of Tegucigalpa. It is also reputedly one of the more dangerous parts of the city. If arriving to Comayagüela after dark, do not walk around looking for a place to stay. Even in the day, walking from bus stations in Comayagüela to a hotel or hostel any distance away would be a bit risky.