Can you give us an idea of where it is? It looks like an inner fender to me. You can replace them, if that's where the rust is.
Yep, inner fenders unbolt and can be replaced. You would probably have to remove the fender, grille, turn signal, and headlight too. Then washer fluid res, cruise control unit, and whatever else is bolted to the inner fender.
you can probably get a good used one from arcteryx=CruiserYard here on MUD
did you buff that area to make it look shiny? at first it looked like a exhaust heat shield. yea I have inner fenders, they are $50 + shipping