There are plenty of options for outdoor activities around Boquete [1]. The most popular and impressive of these are a zipline ride [2], white-water rafting [3], hiking the Sendero Los Quetzales, and climbing Volcán Barú [4].
The zipline company, Boquete Tree Trek (tel. 720-1635, cell 6615-3300, www.aventurist.com [5]), also rents mountain bikes (US$15 a day) and offers tours and outings, including mountain-biking trips (US$35 pp), horseback rides (US$35 pp), and rock climbing at Los Ladrillos (US$40 pp), an unusual rock wall north of town on the Bajo Mono loop [6]. These all last roughly 3.5 hours.
A couple of local outfitters offer boating, fishing, and sea-kayaking packages off the Pacific coast, about an hour away. Those primarily interested in sea-kayaking should contact Chiriquí River Rafting (tel./fax 720-1505 or 720-1506, cell 6618-0846, www.panama‑rafting.com) and Boquete Outdoor Adventures (cell 6474-0274, www.boqueteoutdooradventures.com [7]).
Links:
[1] http://www.moon.com/destinations/panama/western-highlands/boquete
[2] http://www.moon.com/destinations/panama/western-highlands/boquete/recreation/zipline-ride
[3] http://www.moon.com/destinations/panama/western-highlands/boquete/recreation/white-water-rafting
[4] http://www.moon.com/destinations/panama/western-highlands/boquete/sights/parque-nacional-volcan-baru
[5] http://www.aventurist.com
[6] http://www.moon.com/destinations/panama/western-highlands/boquete/recreation/hiking
[7] http://www.boqueteoutdooradventures.com