Cameroon Victory Team
Pierre Wome fired home the crucial fifth penalty for Cameroon after Amaya had clipped Spain's third spotkick onto the bar.
Spain had been reduced to nine men with two players sent off during the second half of regulation time.
Spain scored first through Xavi in the second minute of the match and had a two goal cushion just before-half time when Lacruz hit a long header into the path of Gabri who side-footed home.
Cameron bounced back with Patrick Mboma striking a tame shot that was deflected into the net seven minutes after the break.
Samuel Eto'o levelled after 57 minutes and the usually composed Spanish defence had the jitters.
It got worse for Spain when Gabri was sent off for a wild tackle 20 minutes before the end of regulation time.
Jose Mari was also given his marching orders in the dying minutes of regulation time when he was given his second yellow card after diving in the penalty box.
Spain was forced into a rearguard action as the sides moved into extra time where a golden goal would decide the winner.
Cameroon pressed but just could not breakdown the determined Spaniards.
It then went down to a penalty shootout and when Amaya's spot kick hit the crossbar it was all but over, leaving Wome to seal the gold medal.