It is a diminutive of Paco. Familiar and colloquial form call Francisco. Panchito. In Colombia "Paquito" is the name of a child Primer for learning to read.
In the colloquial language, a paquito is something like a fairy tale, a lie, a fallacy.
Affectionate diminutive of Paco, which in turn is a way of calling people name Francisco, in female Paquita
PAQUITO:1. OF PACO.2. CHILDREN'S COMIC STORY.