The athletics competition in the 1938 Central American and Caribbean Games were held at the Estadio Nacional in Panama City, Panama. It was the first time women's events were included.
| Event | Gold | Silver | Bronze | |||
|---|---|---|---|---|---|---|
| 100 metres | Nola Thorne | 12.6 | Nilda Villaverde | 12.6e | Adela Montilla | 12.7e |
| 80 metres hurdles | Nola Thorne | 13.3 | Aura Morales | 13.6e | Nilda Villaverde | |
| 4 × 100 m relay | Natalia Taivez Nola Thorne Adela Montilla Nilda Villaverde | 51.3 | Marta Velasco Carmen Ortega Zenaida Castro Olga Agüero | Gertrude Messam Rhona Saunders Beryl Delgado Icis Clarke | ||
| High jump | Lilia Wilson | 1.41 | Beryl Delgado | 1.39 | Isabel Sullivan | 1.32 |
| Discus throw | Rebecca Coldberg | 27.81 | Esperanza Morales | 24.89 | Irma Cornejo | 23.89 |
| Javelin throw | Rebecca Coldberg | 30.25 | Marina Soto | 29.30 | Florinda Viamontes | 28.16 |
| Rank | Nation | Gold | Silver | Bronze | Total |
|---|---|---|---|---|---|
| 1 | 11 | 7 | 6 | 24 | |
| 2 | 8 | 4 | 3 | 15 | |
| 3 | 3 | 5 | 6 | 14 | |
| 4 | 3 | 1 | 3 | 7 | |
| 5 | 2 | 10 | 7 | 19 | |
| 6 | 0 | 0 | 2 | 2 | |
| Totals (6 entries) | 27 | 27 | 27 | 81 | |