Quioto struck in the 22nd minute to give Honduras the 1-0 lead. Eric Davis leveled the match for Panama, making good on a penalty kick in the 32nd minute. Maynor Figuerora's handball led to the PK.
Cesar Yanis scored in first-half stoppage time to give Panama a 2-1 lead at intermission.
Alexander Lopez leveled the match in the 61st minute for Honduras, setting up Quioto for his game-winner four minutes later.
Honduras is 2-0 in Group D play and will play Qatar in the group finale on Tuesday, also in Houston.