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This paper analyses the representation of Vasco Núñez de Balboa in El tesoro de Dabaibe by the Panamanian author Octavio Méndez Pereira and Historia de las Indias by Bartolomé de Las Casas. Although in both works this historical figure goes through the same life experiences, the interpretation offered by the two writers varies considerably. For Pereira, the Spanish conqueror symbolizes Panamanian nationalism that tries to find in the Hispanic roots of Panamá, an ideological justification for the fight against neo-colonial interferences. On the other hand, for the Dominican friar, Balboa can be compared to the many other conquerors who, behaving like impulsive murderers, seek wealth and power and betray the divine mandate of the peaceful evangelization of the indigenous people. The same character is therefore subdued and molded by the intentions pursued by the authors who write about him.