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If you are an adventurous type of person and want to take in the island at your own pace then renting a vehicle is an option.
Rental companies are located at the airport and most major hotels. It is recommended that you setup the rental two days in advance to make sure you get the vehicle of your choice. It is HIGHLY recommended that you arrange for a four-wheel SUV type vehicle as the terrain of the island is quite bumpy and some areas can only be explored with an all terrain type vehicle. A Canadian or US driver's license is all that is required. Prices are around $60 US for 24 hours. Also, make sure you state automatic or not, as most vehicles come standard. Air conditioning is also advised.
When you pick up the car, take the inspection seriously. A lot of people like driving the crap out of these rentals and so the vehicle sometimes shows the wear and tear. Our particular vehicle was a Suzuki Jimny from National, which had noticeable dents and scratches. The antenna was bent in half and what we did not notice until we drove off was that the shocks were shot.
There are many tour offerings on the island that take you to many of the major sites. Most tours offer an air-conditioned coach and others have an ATV option. These are good, but may seem rushed. Also, you are not guaranteed to see everything. An alternative is driving it yourself.
Be forewarned, driving in Aruba can be fun and frustrating at the same time. Most of the major routes, which are only a handful, are paved. Most have turnabouts or roundabouts, like in Europe and follow international road signs. These can be quite "fun" during busier times in Oranjestad.
Make sure you get a map, although it still will not be overly helpful when you are off the main roads, it will provide some basic means of guidance. The island is small so you can never get lost, but it is quite easy to get confused and find yourself retracing the same road several times. If navigational skills are not your forte than driving may not be advised.
