
The incident occurred at a complex where tanker trucks are supplied with fuel, located next to the Bridge of the Americas, which traverses the interoceanic canal.
Security camera footage of the explosion showed a fireball and a thick cloud of smoke emanating from the area.
Panamanian firefighter chief Victor Alvarez said a person who was presumed to work at the complex died as a result of the explosion, and two firefighters suffered minor injuries.
The Panama Canal Authority reported the explosion had no impact on the canal.
The Bridge of the Americas was closed after the incident, and was set to undergo inspections Tuesday to determine if it was damaged by the blast.