Agriculture in the Tropical region, which includes Panama and other countries in the Caribbean and Latin America, has been developed using traditional tools with very little technology that has been designed and imported from countries with different environmental conditions. Some studies have suggested that the misuse of these tools may cause a negative impact on food production systems. Therefore, it is important to study, develop, and implement technological solutions that are appropriate for the conditions of specific regions and that help mitigating problems related to climate change and the production of food. One important solution is the implementation of technologies that interact with each other through the use of communication networks in Agriculture, known as “Smart Farming”. Many developed countries have promoted Research and Development (R&D) in Smart Farming, providing great benefits to their food production sector. The objective of this work is to document and provide an overview of the current situation of the Agriculture in Panama and the opportunities and challenges in the study, development, and implementation of Smart Farming as a technological solution in the agricultural sector in this country, in order to achieve an intelligent agriculture that allows a modern and sustainable food production. Finally, this paper provides some recommendations for the successful implementation of Smart Farming in Panama.