Arruabarrena-Vecino dispatched Panova 6-2, 7-5, notching her first career WTA Tour victory and pocketing $37,000 in prize money.
The 19-year-old Spaniard, at 174th in the world, became the lowest-ranked player to win a singles title since 2009.
Arruabarrena-Vecino is also the youngest Spanish player to win a crown since an 18-year-old Medina Garrigues took the Palermo Open in 2001.
Notable deaths of 2014 [PHOTOS]
Michael Sam cut from the Dallas Cowboys