Ricky Sanchez hit a three-pointer to see Puerto Rico overcome Mexico 84-83 in the FIBA Centrobasket final.
Sanchez sunk the key basket with 24 seconds remaining in Panama City, guiding his nation to a record 11th title.
They also gained some revenge after tasting defeat against Mexico in the decider two years ago, while they had also lost the final in 2012.
The Dallas Mavericks' J.J. Barea led the way with 17 points and nine assists, including for Sanchez's three.
Angel Vassallo finished with 14 points for Puerto Rico.
Hector Hernandez had a game-high 20 points for Mexico, while he also had 10 rebounds in a double-double performance.
Earlier, the Dominican Republic clinched third place for the second straight year after thrashing hosts Panama 64-48.