Carnivals in Lanzarote are fun which mostly happen in February and just before the Lent every year. The Carnivals in Arrecife and Puerto del Carmen are pretty famous, where the procession goes from Arrecife to Puerto del Carmen, and the important "Burial of the Sardine" procession happens on the evening of Ash Wednesday - where one can see a paper mache fish on a lorry (carro), weeping women dressed in blackalong with party goers, mostly local men dressed as women looking rather funny and floats and bands make the carnival complete, and this marks the end of the carnival in Arrecife. One can participate in the Carnival in Old Teguise dressed up in the famous diablillo (devil) costume, making your carnival even more memorable and a bit different.
If you want to have a fantastic time at the carnival, go ahead with flight bookings and hotel booking close to where you will be enjoying the Carnival.