The word boveda means vault or dungeon in Spanish and when Casco Viejo was established, the location of Las Bóvedas was just that: a holding cell for prisoners and slaves. The restaurant bears no resemblance to a jail cell now with lovely indoor and outdoor seating on picturesque Plaza de Francia. 

http://www.tripadvisor.com/Restaurant_Review-g294480-d2414034-Reviews-Las_Bovedas-Panama_City_Panama_Province.html