"Mestizo" is someone of mixed indigenous and Spanish ancestry. The term "Ladino" is also often used. In Guatemala, there are three so-called "races" of people. The white Europeans (minority and ruling class), the Ladinos (like myself), and the Indians (or Inditos, as they're called). The Indians are the majority, but they're often treated like second-class citizens. They have quite a history of being persecuted, harassed, and masscred en masse by the government.
Yes, a lot of Hispanics from Central or South America are Mestizo. Some Latin countries don't even have an Indian population anymore; they'd been completely wiped out over the centuries. And some countries, like Argentina, are melting pots, like the USA. Thus, you may meet an Argentinean with the name Juan Krakowski.
And that concludes today's lesson of Latin American history.
Salve, Regina, Mater misericordiae
Vita, dulcedo, et spes nostra
Salve, Salve Regina
Ad te clamamus exsules filii Eva
Ad te suspiramus, gementes et flentes
O clemens O pia