The Disney Channel Original Movie, Princess Protection Program aired June 2006 and starred Demi Lovato (who is half Mexican) and Selena Gomez (also half Mexican). Lovato played the part of Princess Rosalinda Marie Montoya Fiore who hails from the country of Costa Luna (and speaks Spanish). Her palace is invaded in an attempted kidnapping but she is rescued and flown to safety by Agent Joe Mason and is placed in the Princess Protection Program where she is given a new identity and relocated. She must now live as a normal teenage girl under the guidance of Agent Mason's daughter played by Gomez. The movie did well with 8.5 million viewers when it originally aired which was double the viewers of other networks at that time.
She may not be animated or have her own line of Barbie dolls created in her likeness but you can't argue with the facts. Miss Lovato, an actress of Hispanic descent, played the part of a Hispanic Princess in a Disney Channel movie thus making her the first Latina Disney Princess.
Princess Protection Program is currently streaming on Netflix. DVD purchases can made via Wal-Mart HERE.