This is one of the most highly-regarded snorkel and dive spots on the island. It's right next to the Place of Refuge National Historical Park (where snorkeling is not allowed). It's named after the natural lava steps where you enter the water. It's also known for the spinner dolphins that often rest in the bay, although I didn't see any during the couple of times I was here.
I thought this spot was pretty good for snorkeling, especially out to the right where the visibility was better. The shallow area in front of the entry-point was a bit stirred-up during the times I was there. I didn't really see 2 Step as being that much better than many other spots though. It's still worth going to as a combined visit with the Place of Refuge, which is a must-see spot on the Big Island.