A pet in Spanish can be referred to as una mascota (the same word is used for a mascot, such as an animal symbolizing a team), un animal doméstico (the adjective doméstico can also be used to mean “pet” as an adjective, as in un perro doméstico, a pet dog) or un animal de compañía (again, the phrase de compañía can be appended to an animal’s name to indicate it is a pet. Click here for the full article and a more complete list of spanish words for common pets.
Source: Gerald Erichsen, About.com Guide