Yes, Pete Wentz of Fall Out Boy played a significant role in discovering Panic! At The Disco.
In 2005, the emerging band Panic! At The Disco—then composed of Brendon Urie, Spencer Smith, Ryan Ross, and Brent Wilson—caught the attention of Pete Wentz. Wentz, a bassist and lyricist for the popular rock band Fall Out Boy, discovered Panic! At The Disco after hearing their demo songs which they had uploaded to the online music platform PureVolume.
Impressed by what he heard, Wentz took the initiative to travel to Las Vegas to personally witness the band's talent. He went to their garage to hear them play live, ultimately leading to his discovery and subsequent involvement in bringing the band into the spotlight.