Specific parenting behaviors, in the context of offspring bodily arousal, relate to elevated risk for panic symptomatology. Research with adults also suggests anxiety sensitivity (AS) plays an important role in this relationship. However, very limited research has been conducted with adolescents. To address this gap in the literature, the current study evaluated the interplay between AS and arousal-reactive as well as arousal non-reactive childhood learning experiences in predicting panic symptomatology among a community sample of 10–17 year old adolescents (n = 153). Findings indicated arousal-reactive learning experiences were associated with increased panic symptomatology, but only among youth high in AS. Further, this model evidenced relative specificity in that arousal non-reactive learning experiences did not interact with AS to predict panic symptomatology. The current findings add to the literature seeking to elucidate the interplay between specific parenting behaviors and offspring characteristics as they relate to elevated risk for panic-related outcomes.