Thought I’d share a little tidbit from a Paizo forum thread I started asking about Hispanic or Latino analogues in Golarion. I’ve run through most of the other Golarion ethnicities and I’m hankering to play a member of La Raza Cósmica! James Jacobs says there’s not really anything now, but there will be – “That’s the plan.” Most speculation as to where that’ll come from is on Arcadia, though he doesn’t say that out loud.
Why, I think I’ll get one of these Han Cholo rings in preparation!
Geek Related 
I always thought of the Chelaxians as somewhat like inquisitionary spain, early colonisation, including pirate hunters, etc. Maybe because I have seen them in that role in a short pirate campaign I played in. 😉
If your guess and my feeling is right, that would make Arcadia the Maztica of Golarion, with Chelaxian settlers and conquistadores… 🙂
They have some light elements there, but their naming is completely Italian and their navy is completely British. Taldor has the best “well this could have been Spain” claim but it just doesn’t have any actual Hispanic flavor in the person names, place names, etc.