It's just south of Pt. San Marcial.
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From my journal:
After getting the anchor down, I told Adam to pry himself out of the V-berth and away from the X-Box as he and I were going exploring. After putting the engine on the dinghy and getting it ready to go (in good weather, we normally tow it rather than bring it aboard), we set out. Of course, this was not an exploration for me; I knew full well where we were going. On our last trip to Baja, we had stopped there and discovered a wonderful sea cave less than a quarter mile from the anchorage. It’s not mentioned in any of the guides I've read, so I suspect not many people know about it, but it’s really cooool! The entrance is triangular, about 12’ wide and maybe 20’ tall. The deeper you go the narrower and lower it gets. It goes straight into the cliff face close to 100’. It was high tide when Adam & I first went into it, and it got too narrow for the dinghy after about 75’. This is far enough in though that it’s getting really dark and you can’t see ether the entrance or the back of the cave. The walls are covered with Sally-Lightfoot Crabs (3”-9” across) running to get away from you. It was cool!

That evening, after dark, it was low tide, so Adam and I went to check the cave out again, hoping we could get farther back. At night, the cave is downright scary. It is pitch black except for where the flash lights illuminate and the crabs are asleep, so they don’t scurry away. They’re just stuck to the sides of the cave. Being low tide, we could also get farther back. In fact, we got all the way in until the bow of the dinghy was on the rocky beach at the end of the cave.

That’s when things started to go wrong.

As the waves from the open sea come into the cave, they are compressed by the gradually narrowing walls, getting higher and higher the further in you go. Last night, the sea was almost perfectly flat. The waves were so small, you didn't even notice them as you entered the cave. But by the time we were half way to the end, they were high enough they were causing a significant surge. In other words, the dinghy would suddenly surge forward several feet then a few seconds later, surge backwards several feet. With the sides of the dinghy almost scraping the cave walls (and crabs), this just added to the spookiness of things. At the end of the cave, the waves still weren't what you could call big, maybe a foot high, but it was enough that after lifting the back of the dinghy up, it dropped it far enough that the outboard hit the bottom forcibly. In fact, it hit forcibly enough that it knocked it off its mounts and I almost lost it overboard. At the same time, the waves started sloshing water into the dinghy. It was at this time that we decided to beat a retreat out of the cave. Remember, the outboard is out of commission and with the cave walls virtually scraping the dinghy, there was no room to deploy the oars. So we had to reach out and grab the cave walls to propel us backwards (don’t forget, the walls are covered with sleeping crabs). When we got far enough back toward the entrance that the waves weren't bouncing us around, I remounted the outboard onto the back of the dinghy, but it wouldn't start. Even after we had exited the cave entirely, we couldn't get it to start. No big problem though as we have oars, so I’ll row us back to the boat (or so I thought). A few minutes later, I missed a stroke, fell off the seat onto my back and in the process, let go of the oars, losing them overboard. You can just imagine us, paddling with our hands, desperately trying to get back to the oars floating several feet away in the darkness. We finally recovered them and made it back to Loose Pointer without further ado.

In reality, we were never in any danger (the water was, after all, almost 70 degrees and we could have swum back to the boat if we had to), but for a sheltered 14 year old with very few adventures under his belt as yet, it was very exciting.
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By the way, we knew Dave & Carolyn when we were in the Sea for the 2004/2005 season (it really is an amazingly small world). When we went back in 2010, I saw Que Tal in the La Paz anchorage, so went over in the dink and knocked on the hull. To my surprise, two strange heads popped out. It seems Dave & Carolyn had sold the boat in the meantime.