I investigated the relationship between leaf physiological traits and decomposition of leaf litter for 35 plant species of contrasting growth forms from a lowland tropical forest in Panama to determine whether leaf traits could be used to predict decomposition. Decomposition rate (k) was correlated with specific leaf area (SLA), leaf nitrogen (N), phosphorus (P), and potassium (K) across all species. Photosynthetic rate per unit mass (Amass) was not correlated with k, but structural equation modeling showed support for a causal model with significant indirect effects of Amass on k through SLA, N, and P, but not K. The results indicate that the decomposability of leaf tissue in this tropical forest is related to a global spectrum of leaf economics that varies from thin, easily decomposable leaves with high nutrient concentrations and high photosynthetic rates to thick, relatively recalcitrant leaves with greater physical toughness and defenses and low photosynthetic rates. If this pattern is robust across biomes, then selection for suites of traits that maximize photosynthetic carbon gain over the lifetime of the leaf may be used to predict the effects of plant species on leaf litter decomposition, thus placing the ecosystem process of decomposition in an evolutionary context.