If we place a window (it could be a lxterminal window, for instance) over the panel, and we click on that window exacly at the height of the panel border, then the panel come to the top and hides the window under it (as we'd clicked on the panel).
I am running it on Raspbian (Raspberry Pi 3), and I placed the panel on the bottom of the screen.
I tested it using the lxpanel versions 0.7.2 and 0.9.3.
After digging a little deeper into the problem, I realized that what was triggering the problem was a parameter in my openbox configuration file.
I had the option:
<invisiblehandles>yes</invisiblehandles>
The problem stopped happening when I got rid of that option.
I don't know exactly what that option is supposed to do, but it seems not to be necessary in my case.
Also, I am not sure if it is really a problem in lxpanel. It could be a problem in openbox.
This problem has been bugging me for ages and I also have just worked out that it is due to the invisibleHandles option in Openbox. It often raises an arbitrary window that may be completely hidden, instead of passing my click to the topmost, raised, and focused, window. This is not restricted to lxpanel (in fact, I don't use lxpanel), so this bug report is probably unjustified.
InvisibleHandles is meant to allow you to "grab" a window frame for resize when the pointer is actually outside the window but close to it; this overcomes the problem with having to grab the ultra-thin borders that Openbox seems to be all about. It seems that when deciding whether the pointer is close to a window, Openbox accounts for its depth in the window stack incorrectly.