In verse 23 they arrived at the Land of Promise. This is about 11 years after they had left Jerusalem. They were in the wilderness for 8 years. It likely took them a couple of years to build the ship, and then there was the time needed for the ocean voyage. We do not know where they landed. Many people believe they arrived on the western coast of Central America, perhaps in Guatemala. But there are no definitive answers. Many Book of Mormon scholars believe most of the Book of Mormon story took place in what is called Mesoamerica, which is mostly made up of Guatemala and southern Mexico. Other people believe it took place in other locations. Wherever it was, the important thing is that they arrived at a Promised Land which the Lord had prepared for them.
The Lord told Nephi right at the beginning that "inasmuch as ye shall keep my commandments, ye shall prosper, and shall be led to a land of promise; yea, even a land which I have prepared for you; yea, a land which is choice above all other lands" (1 Nephi 2:20). Joseph Smith and other early church leaders and members interpreted the "promised land" as a reference to all of America, meaning all of North America and South America. So, for several reasons, we know that wherever they landed, it was in the Western Hemisphere.
We also know that the Lord described this land as "choice above all other lands" (Ether 2:7) and promised that "whatsoever nation shall possess it shall be free from bondage, and from captivity, and from all other nations under heaven, if they will but serve the God of the land, who is Jesus Christ" (Ether 2:12). That is what happened with the Jaredites. That is what happened with the family of Lehi. When they served the God of the land, they prospered in the land.
Book of Mormon Central, "Where is the Land of Promise? (2 Nephi 1:5)," KnoWhy 497 (January 8, 2019).