There are several options for hiking within a 30 mile radius of the lake.  Petit Jean State Park and Mount Nebo State Park offer numerous hiking trails with varying degrees of difficulty and distances.  The Ouachita National Recreation Trail has an access about 20 minutes south of the lake on highway 7.  You can also access the Hunts Loop Trail at the Ouachita National Recreation Trail highway 7 parking area.  Each of these trails have beautiful vistas and most have stream crossings and waterfalls.