Panthers hooker Mitch Kenny, who had a blinder, sealed the deal with a try in the 69th minute at Suncorp Stadium.
The clash was befitting of a grand final rematch, with both teams showcasing intensity, desire and physicality beyond that seen in a regular NRL match.
The Broncos lost halfback Jock Madden to a hamstring injury in the 43rd minute, but refused to buckle in what was their fifth consecutive loss.
The Panthers scored first in the 11th minute when replacement Jack Cole went over with his first touch of the ball after winger Daine Laurie left the field with a hamstring injury.
The Broncos then showed they were up for the clash with a defensive mindset and terrific attitude in front of 42,433 fans.
The home side defended with vim and vigour and repelled the Panthers for set after set to start.
It wasn't just the forwards who led the way. Winger Corey Oates smashed centre Izack Tago. Hooker Billy Walters and fullback Walsh crunched Cole not long afterwards and dislodged the ball.
Walsh then lit up the stadium when he burnt off Tago, Paul Alamoti and Dylan Edwards in a 42m blitz to the tryline. It was scintillating stuff and complemented a wonderful half by the Broncos No.1, who also kicked astutely in general play.
He continued to shine in the second half in a performance that may well define his season.
Penrith did have their own moment of brilliance in the opening stanza after a powerhouse run by prop Moses Leota. They then spun it wide, with front-rower James Fisher-Harris appearing out of nowhere to throw a cut-out pass, and Cole finished off the slick movement.
The Panthers, who trailed 6-4 at halftime, were on the back foot in the second half when second-rower Liam Martin snaffled a Jarome Luai bomb. Forward Lindsay Smith supported and put through a sublime grubber for winger Brian To'o to score in the 47th minute.
The three-time defending premiers then turned the screws through the middle and ramped up the intensity as the Broncos tired.
When Kenny burrowed over, it was the final nail in the Broncos' coffin.
Brisbane centre Selwyn Cobbo was strong with the ball and powerful in defence to stake a claim for a Queensland recall.
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