- Competition: Balboa faced rivalry and competition from other Spanish explorers, such as Francisco Pizarro and Diego de Almagro, who were also vying for fame and glory in the New World.
- Hostile Indigenous Tribes: Balboa and his men encountered resistance from various indigenous tribes, such as the Caribs, who fiercely defended their territories.
- Challenging Terrain: Balboa had to navigate through dense jungles, treacherous mountains, and dangerous rivers, all of which posed significant physical challenges to his expedition.
- Limited Resources: Balboa's expedition was often short on supplies and provisions, making their journey even more arduous.
- Diseases: Tropical diseases such as malaria and yellow fever were prevalent in the region, posing a constant threat to Balboa and his men.
- Lack of Support: Balboa's initial attempts to establish settlements were not met with sufficient support from the Spanish Crown, leading to difficulties in consolidating his discoveries and establishing a lasting presence in Panama.
- Political Intrigues: Balboa's achievements and rising prominence generated jealousy and political maneuvers from rivals and those seeking power in the New World.
- Treachery: Balboa faced betrayal from some of his own men, including Francisco Pizarro and Diego de Almagro, who eventually turned against him and played a role in his downfall.
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