The distribution of electrical conductivity beneath the Ahuachapan-Chipilapa geothermal area was simulated using 2-D models based on 126 closely-spaced magnetotelluric (MT) measurements. The observed MT response was interpreted as being produced by the superposition of two orthogonal geological structural systems: an approximately E-W regional trend associated with the Central Graben structure, which affects the longer period response, and a local and younger N-S fault system that is responsible for the short-to-intermediate period data. The MT response in the 0.02-10 s range period was used to simulate the conductivity structure within the first 2 km depth. By correlating the low-resistivity zones between twelve 2-D models, maps of the spatial distribution of conductors at three different depth levels were constructed. Three deep conductors were identified, one of them associated with the Ahuachapan reservoir, another apparently related to the Laguna Verde volcano, and a third one controlled by EI Tortuguero Graben. The subsurface geometry of these conductivity anomalies suggests that the Chipilapa and La Labor hot springs are supplied by two separate sources of hot fluids, one coming from the east and the other from the south or southwest. The distribution of the shallow high-conductivity zones agrees with the hydrothermal alteration zones mapped at the surface, suggesting that at shallow levels the argillitization process contributes significantly to the low resistivity. The large number of drillholes and the dense MT site coverage allowed the definition of important correlations between high temperature and high conductivity, as well as between deep conductivity anomalies and productive wells. On this basis two areas for future drilling are proposed.