The purpose of this paper is to present the first findings of the research about Panamanian Carnival 1903 - 1930. Here it is presented the stage when the activity was exclusive to the popular sectors of the country. The objective is to analyze the celebration of the Panamanian Carnival in the hands of the popular sectors, to know the characteristics of the celebration during those moments and explain the meaning of them. All of this understood as a manifestation of Panamanian popular culture and part of the national identity. For the development of this article, primary sources such as files, newspapers, magazines of the time, and specialized bibliographic sources have been examined. They have allowed to know the way in which the popular sectors manifest themselves in the celebration of the carnival. Although information is scarce, what has been found leads to the conclusion that through these transgressive activities (reversal of roles, taking of public spaces and political power, suppression of rules, among others) the participants during the celebration use to forget their condition of marginality and misery in which they used to live.