Mix dry ingredients together, then add water or milk. Knead dough until it is consistent. Cover and let sit for about a half hour. Heat lard or oil until very hot. Break off small balls (egg sized), flatten and fry until golden brown. Serve plain, with butter, honey, powdered sugar, even pie filling! You can also serve with chile, etc. and make tacos instead.
I feel that Fry Bread is better when you make it with milk and a pinch of sugar, but the most basic recipe does not use these two ingredients.