Option 1: Baffin Bay and Canada - This pair is correctly matched. Baffin Bay is located in the Arctic Ocean and is situated between Canada and Greenland. So, option 1 is not the correct answer.
Option 2: Gulf of California and USA - This pair is not correctly matched. The Gulf of California is a body of water located between the Baja California Peninsula and mainland Mexico. It is also known as the Sea of Cortez. Therefore, the correct match for the Gulf of California would be Mexico, not the USA.
Option 3: Gulf of Panama and Colombia - This pair is correctly matched. The Gulf of Panama is a large body of water along the Pacific coast of Panama. Therefore, option 3 is not the correct answer.
Option 4: Caribbean Sea and Honduras - This pair is correct. The Caribbean Sea is located in the Western Hemisphere and is bordered by several countries, including Honduras. Therefore, option 4 is not the correct answer.
In conclusion, the pair that is not correctly matched is Option 2: Gulf of California and USA.