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[[Image:FiestaOld.jpg|thumb|right|250px|Krewes participate in a Fiesta parade.]]
'''Fiesta of Five Flags''' (often abbreviated simply '''Fiesta''') is an annual celebration, similar to [[Mardi Gras]], that commemorates Pensacola's foundation as the [[America's First Settlement|first European settlement in America]] and rich history under five governments (represented by the eponymous flags). The Fiesta was founded in [[1950]].
Highlights include the [[Krewe of Lafitte]] [[Krewe of Lafitte Parade|Parade]] and [[DeLuna (Fiesta)|coronation of DeLuna]], the [[Fiesta Days]] celebration, the [[DeLuna Treasure Hunt]] and [[Fiesta Children's Treasure Hunt]].