Having lived in Panama for the past 5+ years obviously the only police report that is available to me is from the Panamanian police. When applying for a Pesioner Visa do I need both the police report and the FBI report?
You should just need an FBI Record Request (actually it'll be a stamp showing you have no record) whose stamp date is greater than the last date you've been in the States. If you haven't been in the States for the past 5 years, you can just send the FBI request from here and you'll be ok. I've done it twice if you need any more info in regards to the process.