The Dipteryx genus has a natural distribution throughout several tropical countries in Latin America. This taxon has several tree species, all recognized for their high-density wood. The objective of this research was to study the variation and genetic control of several wood properties, including bark, sapwood, heartwood, green density (GD), specific gravity (SG), moisture content in green condition (MC-G), and mechanical properties, in a Dipteryx panamensis provenance/progeny test at 8 years old. The results showed that bark varied little among families and provenances, but heartwood (diameter and percentage) showed high genetic variation. SG and MC-G showed significant variation between provenances and families, while GD showed little variation. Among the mechanical properties evaluated, the greatest genetic variation was observed in the MOR in bending and shear stress. Families from the Coope San Juan provenance registered the highest values in all wood properties investigated, and families from Puerto Viejo obtained the lowest. Family heritability and the coefficient of genetic variation exhibited high values in heartwood/sapwood and the MOR in bending (h2 > 0.9 and CV > 20%) and lower values in SG, MC-G, compression stress, and shear stress. D. panamensis wood properties have a high potential to be improved through breeding programs.