This is not really a waterfall per se. It is more of a large slab of solid rock that you can slide down.
The water is fairly clear, but a tad on the cold side.
This place is a lot of fun, but can get rather crowded, limiting how often you can slide. Sometimes the line is rather long.
This place is very easy to reach via bus (take the bus to Penha from the Paraty main terminal, R$5 each way as of Feb 2017). There are also several tour companies offering Jeep tours/trips in Paraty.