The scores in Toluca were 120-108, 119-112 and 118-110 in favour of Hernandez, who made the first defence of his second tour as junior flyweight titlist.
Hernandez was in cruise control for most of the contest, but suffered a scare late in the fight as a headbutt left the defending champion bloodied around his left eye.
Meanwhile, Cabarca, who never looked likely to challenge Hernandez in a one-sided contest, was left to nurse a cut atop his scalp.
The closest either fighter came to a knockout was when Hernandez had Cabarca cornered in the third round, scoring with uppercuts and body shots, but he was able to simply let the fight play out to secure a comprehensive victory.
Hernandez picks up his fourth straight win as he advances to 26-2-1 (16 KOs), while Cabarca heads back to Panama with his first loss in 15 months as he falls to a record of 13-7 (5 KOs).
The bout marked Hernandez's first ring appearance since he reclaimed his junior flyweight belt from former champion Kompayak Porpramook last June.