If you're staying in the northwest section of the lake, check out these restaurants/bars:

Chambers Landing Bar & Grill - A super casual and lively boat up bar (another great reason to rent a speed boat). Get the Chambers Punch - a slushy rum-filled drink.

image from tahoeboating.com

Sunnyside Resort- A casual, fun, and lively restaurant and bar. Drive up or boat up and enjoy lunch or dinner.

West Shore Cafe & Inn - If you're looking for something a little more refined, this is it. Dinning on the outside deck right along the lake at sunset is perfect.

PDQ Tahoma Market - Located in the Tahoma area of the West Shore, they have amazing deli sandwiches made on fresh homemade bread. Stop here and pick up sandwhichs if you're driving by, or come here to pack a lunch to take on a hike.

There's also The Dam Cafe if you're passing through Tahoe City during breakfast/brunch hours.

For more information on Lake Tahoe, including a few of my recommended activities, check out my answer here.

Have fun!

For Breweries, check out FiftyFifty Brewing Co in Truckee. Also, just down from 50/50, there is Truckee River Winery that has some great beers on tap, healthy foods and a bunch of bocce ball courts making it a local favorite.

Mountain biking is endless in Tahoe. My favorite shop is called Cyclepaths again in Truckee, a call to them will get you to the best spots depending on what you are looking for. The owner's name is Greg. There is only snow at the very high elevations right now so by the time you arrive in May most trails should be open. In fact, if you get up to Tahoe too late in May the snowoarding might be done...check with Squaw as they will be the last resort open.

One of the more scenic mtn. bike trails is called the Flume Trail near Incline, there is a company that even offers shuttles to the top so you can just ride down to your car. If you are looking for a ridiculous 17 mile downhill go 45 minutes North of Truckee to Downieville, again a shuttle service is available to bring you to the top and the single track riding is world class. The options are endless, it really depends on your riding level. Tahoe has lots of big rocks so some of the trails can be quite aggressive, others will be simple and smooth.

Have fun on your trip.

Lots of options this year (sometimes still snow everywhere;)

Breweries

• Tahoe City - Tahoe Mountain Brewing Co.
  
• Truckee - FiftyFifty Brewing Co and then stop by downtown Truckee for some shopping

Restaurants

• Grab a breakfast at Fire Sign Cafe or a quick bite at the The Dam Cafe
• Eat on the lake at Sunnyside Resort, Christy Hill or Wolfdale's - these are a little pricey. Couple of other options in Truckee are Moody's Bistro Bar & Beats or Cottonwood Restaurant & Bar (good view of the town)
• Less expensive options are Dockside 700 Wine Bar & Grill (Tahoe City), River Ranch Lodge at the Alpine Meadows Ski Resort or 22 Bistro at Squaw Valley
  

Hikes/Activities

• If it's warm I'd get out on the lake and going Paddle boarding
• Head south to Eagle Falls Trail Head by Emerald Bay is a good quick hike
• Tahoe Rim Trail and Page MeadowsPage Meadows has good sections by Tahoe City.