Correcaminos de Colón has been the most successful team in the league with four won championships.

The league was established on June 3, 2015 by the Federación Panameña de Baloncesto (FEPABA).

On December 15, 2015, the Correcaminos de Colón won the first-ever league title.

[4] In 2020, the league expanded to 7 teams with the entrance of Dragones de Don Bosco.

Teams for the LPB can qualify to play in pan-American competitions organised by FIBA.