Oxygen and carbon isotope analyses of the foraminifera Orbulina universa (planktic), Uvigerina peregrina (benthic) and Cibicides pachyderma (benthic) in 45 bottom samples from the archipelago of Bocas del Toro, Caribbean Panama, are used to address the reliability of stable isotope values in distinguishing differences among neritic surface water and middle neritic to upper bathyal depths. The significance of variation in isotope values within stations, between stations within depth-defined groups, and between depths was determined with Analysis of Variance. Isotope values differ significantly among stations with few exceptions; thus, withinstation error is minimal. δ 18 O values of O. universa across the open shelf are the same. Oxygen isotope ratios of U. peregrina discriminate outer shelf to upper slope depths well. δ 18 O values of C. pachyderma from the inner middle shelf, outer middle shelf, and inner outer shelf are significantly different, and mean values from 33 m to 240 m are strongly correlated with water depth. Cibicides pachyderma from two stations shows strong δ 18 O evidence of downslope transport of 80 and 160 m, corroborated by foraminiferal assemblages. δ 13 C can only differentiate middle shelf and outermost outer shelf to upper slope depths. Oxygen isotope values of O. universa and U. peregrina generally agree with predicted temperatures, and those of C. pachyderma are consistently low. Comparisons of δ 18 O values of benthic and planktic foraminifera, and neritic and deep-sea planktic foraminifera, enable qualitative and even quantitative estimates of paleodepth and paleosalinity, enabling their use in Neogene studies of sedimentary rocks within the region.