Panama [1] is not a bicycle-friendly country. There are no bike lanes, few places to rent bikes, and only a handful of areas where it’s even marginally safe to venture out on a bike. A trailblazing friend is determined to build a bike trail through Parque Natural Metropolitano in Panama City [2], and it may actually exist by the time you visit.
If not, the best bet for a reasonably safe workout are the hilly loop roads above Boquete [3], though even here it’s important to keep a sharp eye out for speeding trucks and cars.
The Calzada de Amador [4] is a good place for a flat, leisurely ride with great views.
Isla Colón in Bocas del Toro [5] is pretty much the only place that lends itself to biking as a sightseeing activity.
There are few bike shops and rental places in the country. The main place in Panama City to rent bikes is Bicicletas Moses (tel. 211-2579, 8 A.M.–9 P.M. daily) on the Calzada de Amador, which not coincidentally is pretty much the only place in Panama City where it’s safe to ride them.
Bikes can also be rented in Gamboa [6], Santa Clara, Farallón, El Valle, Boquete [3], Bambito, and Bocas del Toro [7]. Do not expect high-quality bicycles at any of these locations. Rentals tend to be basic mountain bikes or clunky old road bikes. Bike rentals are usually around US$2–5 an hour.
Some true adventurers (masochists?) have biked all the way from North America to the Darién Gap.
Links:
[1] http://www.moon.com/destinations/panama
[2] http://www.moon.com/destinations/panama/panama-city/sights/parks/parque-natural-metropolitano
[3] http://www.moon.com/destinations/panama/western-highlands/boquete
[4] http://www.moon.com/destinations/panama/panama-canal/the-former-canal-zone/sights/amador-causeway
[5] http://www.moon.com/destinations/panama/bocas-del-toro/isla-colon
[6] http://www.moon.com/destinations/panama/panama-canal/gamboa
[7] http://www.moon.com/destinations/panama/bocas-del-toro