Many patients suffering from panic disorder do not receive adequate care. Advances in the conceptualization and treatment of panic disorder encourage innovative strategies for targeting core fears (fears of anxiety sensations) that underlie this disorder. In this article, we discuss the use of exercise as a potential strategy for therapeutic exposure to these feared sensations, and the role that exercise may play as an acceptable intervention to aid the dissemination of exposure-based approaches to the treatment of panic disorder. Evidence for the efficacy of exercise for the treatment of anxiety and panic is presented; along with strategies to enhance the role exercise can play as an interoceptive (internal sensation) exposure procedure. Finally, issues of comorbidity and exercise acceptability are discussed. Our conclusion is that exercise-based interventions are promising strategies for improving the utilization of exposure-based interventions for panic disorder. Clinical guidelines and future research directions are discussed.