Although it may seem more authentic to buy your Honduran souvenirs at their out-country source, the capital really can provide the answer to all your shopping needs if you're pressed for time. Many suggest that Tegucigalpa's best handicraft shopping is really in Valle de Ángeles, a favorite weekend destination about an hour outside the city. If you can't make it out to Valle, there are plenty of choices in the capital, too.
In Barrio El Centro, you will find a number of handicraft shops facing Avenida Miguel de Cervantes, which runs along the southern edge of Plaza Morazán. A block north is Calle Liquidámbar, a refurbished pedestrian street lined with shops frequented by locals (and mostly geared toward local shopping needs).
Don't ignore the gift shops in the large hotels; a couple of them offer outstanding selections of quality keepsakes of your visit. Although it may not occur to you to seek out souvenirs in a large shopping center, mall stores here and there have some terrific offerings, too.