I love historical fiction; I can't get enough of it.
These are my favorites.
Mario Vargas Llosa - he just won the Nobel Prize. My two favorites are "Who Killed Palomino Molero?" by Mario Vargas Llosa - a noirish mystery set in 40s rural Peru, and "The Feast of The Goat" by Mario Vargas Llosa - tense, lyrical, vivid novel set during the dictatorship of Batista in the Dominican Republic
Jorge Amado - his books aren't historicals in the strictest sense. They were written in the 40s/50s depicting the 20s, but they read like historicals, so I am going to include them. They are set in North-eastern Brazil. "Gabriella, Clove & Cinnamon" is amazing and I loved "Dona Flor and Her Two Husbands"
Gabriel Garcia Marquez - Anything by him. He is a master. Especially recommended are "100 Years of Solitude", "Love In The Time of Cholera", and "Chronicle of a Death Foretold."
Louis de Bernieres - he wrote a South American trilogy which was a homage to Garcia Marquez in many ways, and very, very good. Even better are "Corelli's Mandolin" set on a Greek island during WW2, and his masterpiece "Birds Without Wings" set in Western Turkey during WW1 and its aftermath.
Hmm. I appear to have a Latin American thing going on.