Panama Hat (The Man in the Panama Hat) was one of the minor antagonists of Indiana Jones and the Last Crusade. He was an antiquities collector who hired Fedora and his gang of treasure hunters to retrieve the Cross of Coronado.
He was portrayed by the late Paul Maxwell.
While Fedora and his men dug up the Cross of Coronado, in Utah, 1912, Panama Hat stayed in the car. When Indiana Jones stole the artifact from the gang and fled from the canyon across the desert, Panama Hat's car gave chase until Indy reached a circus train. After Indy managed to escape to his house, Panama Hat showed up with Fedora and the Sheriff. Roscoe brought the Cross out to him, he handed over the payment to the gang.
In 1938, Indiana Jones tracked down Panama Hat to Lisbon, Portugal, after receiving a tip from a man who worked for Panama claiming that his boss had had an affair with his wife and wanted revenge. Jones snuck aboard the Vasquez de Coronado off the Portuguese coast and took the Cross of Coronado into his possession.
Jones quickly realized it was a set up and was taken captive. Panama Hat explained how he had been hit bad financially during The Depression and was seeking wealthy buyers for the Cross when one turned up — Indy would later suspect it was Walter Donovan — with a provision that required Jones be dead.
After recovering the Cross, he ordered Jones be thrown overboard. However, Jones broke free of his captors, seized the Cross and the action combined with rough seas caused an explosion which destroyed the Coronado. Panama Hat was apparently killed in the explosion, and his shredded hat landed in the water not far from where Indiana Jones was swimming.