Masagua (Spanish pronunciation: [maˈsaɣwa]) is a town with a population of 16,797 (2018 census), and a municipality in the Escuintla department of Guatemala. In 2008 began construction for a massive power generation plant se property of Jaguar Energy in the municipality.

Jaguar Energy is a corporation that owns a large coal-based electric generation plant located in Tierra Colorada, Masagua, next to the San Miguel Las Flores community and 25 km (16 mi) away from Puerto San José. The company is a subsidiary of the American corporation Ashmore Energy International Ltd.(AEI). It started operations in Guatemala in early 2008 and its plant has an estimated cost of US$750 million, intended to generate 300 MW. The energy produced will be sold to Energuate, the larger power distributor in Guatemala, a subsidiary of the British investment firm ACTIS.

Masagua has a tropical savanna climate (Köppen: Aw).

Masagua is situated 15 km from Escuintla. It is one of the municipalities that is enclosed within the Escuintla Department.