The following are the squad lists for the countries that played in the 1923 South American Championship held in Uruguay. The participating countries were Argentina, Brazil, Paraguay and Uruguay. The teams plays in a single round-robin tournament, earning two points for a win, one point for a draw, and zero points for a loss.^[1][2]

Argentina

Head Coach: Angel Vázquez ^{[note 1]}

No.	Pos.	Player	Date of birth (age)	Caps	Goals	Club
—	4FW	Vicente Aguirre		0	0	Central Córdoba (R)
—	2DF	Ludovico Bidoglio		0	0	Boca Juniors
—	1GK	Federico Cancino		0	0	Alvear
—	2DF	Juan Carlos Iribarren		0	0	Argentinos Juniors
—	4FW	Adrián Loizo		0	0	Huracán
—	2DF	Ángel Médici		0	0	Boca Juniors
—	4FW	Antonio De Miguel		0	0	Newell's Old Boys
—	4FW	Cesáreo Onzari		0	0	Huracán
—	4FW	Blas Saruppo	(1896-07-25)25 July 1896 (aged 27)	0	0	Sportivo Barracas
—	3MF	Emilio Solari		0	0	Nueva Chicago
—	1GK	Américo Tesoriere		0	0	Boca Juniors
—	3MF	Luis Vaccaro		0	0	Argentinos Juniors

Brazil

Head coach: Chico Netto

No.	Pos.	Player	Date of birth (age)	Caps	Goals	Club
—		Alemao		0	0	Botafogo (RJ)
—		Amaro		0	0	Goytacaz
—		Coelho		0	0	Fluminense
—		David		0	0	Goytacaz
—		Dino I		0	0	Flamengo
—		Hermógenes		0	0	América
—		Mário Seixas		0	0	Americano
—		Mica		0	0	Botafogo (B)
—		Nélson		0	0	Vasco da Gama
—		Nesi		0	0	São Cristóvão
—		Nilo		0	0	SC Brasil
—		Paschoal		0	0	Vasco da Gama
—		Pennaforte		0	0	Flamengo
—		Soda		0	0	Americano
—		Torteroli		0	0	Vasco da Gama
—		Zezé I		0	0	Fluminense

Paraguay

Head Coach: n/a ^{[note 2]}

No.	Pos.	Player	Date of birth (age)	Caps	Goals	Club
—	1GK	Modesto Denis		0	0	Nacional
—	1GK	Manuel Recalde [pl]		0	0
—	2DF	César Mena Porta [pl]		0	0
—	2DF	Gaspar Nessi [pl]		0	0
—	2DF	Venancio Paredes [pl]		0	0
—	2DF	Segundo Gorostiaga [pl]		0	0
—	3MF	Luciano Capdevila [pl]		0	0
—	3MF	Roque Centurión Miranda [pl]		0	0
—	3MF	Eusebio Díaz		0	0
—	4FW	Carlos Elizeche [pl]		0	0
—	4FW	Luis Fretes [pl]		0	0
—	4FW	Ildefonso López [pl]		0	0
—	4FW	Óscar López [pl]		0	0
—	4FW	Alejandro Miranda [pl]		0	0
—	4FW	Gerardo Rivas [pl]		0	0
—	4FW	Agustín Zelada [pl]		0	0

Uruguay

Head Coach: Leonardo de Luca

No.	Pos.	Player	Date of birth (age)	Caps	Goals	Club
—	3MF	José Leandro Andrade	(1901-11-22)22 November 1901 (aged 21)	0	0	Bella Vista
—	1GK	Pedro Casella		0	0	Belgrano
—	4FW	Pedro Cea		0	0	Lito
—	4FW	Pedro Etchegoyen		0	0	Liverpool
—	3MF	Alfredo Ghierra		0	0	Universal
—	1GK	Andrés Mazali		0	0	Nacional
—	2DF	José Nasazzi		0	0	Bella Vista
—	4FW	Ladislao Pérez		0	0	Wanderers
—	4FW	Pedro Petrone		0	0	Charley
—	4FW	Ángel Romano		0	0	Nacional
—	4FW	Héctor Scarone		0	0	Nacional
—	3MF	Pascual Somma		0	0	Nacional
—	2DF	Humberto Tomassina		0	0	Liverpool
—	4FW	Santos Urdinarán		0	0	Nacional
—	2DF	Fermín Uriarte		0	0	Lito
—	3MF	José Vidal		0	0	Belgrano
—	3MF	Pedro Zingone		0	0	Lito