| Tournament details | |
|---|---|
| Host country | Peru |
| Dates | 15 January – 12 February |
| Teams | 5 (from 1 confederation) |
| Venue(s) | 1 (in 1 host city) |
| Final positions | |
| Champions |  Peru (1st title) |
| Runners-up |  Uruguay |
| Third place |  Paraguay |
| Fourth place |  Chile |
| Tournament statistics | |
| Matches played | 10 |
| Goals scored | 47 (4.7 per match) |
| Top scorer(s) | Teodoro Fernández (7 goals) |
| Best player(s) | Teodoro Fernández |
The fifteenth edition of the South American Championship was held in Lima, Peru from 15 January to 12 February.
The participating countries were Chile, Ecuador, Paraguay, Peru, and Uruguay. Although CONMEBOL members since 1927, this tournament was the first time the Ecuadorian side participated. Colombia –member since 1936– withdrew again from the tournament, as well as Argentina, Bolivia and Brazil. Peru won for the first time.
| Lima |
|---|
| Estadio Nacional |
| Capacity: 40,000 |
|
|
Main article: 1939 South American Championship squads |
Each team played against each of the other teams. Two points were awarded for a win, one point for a draw and zero points for a defeat.
| Team | Pld | W | D | L | GF | GA | GD | Pts |
|---|---|---|---|---|---|---|---|---|
| Peru
|
4 | 4 | 0 | 0 | 13 | 4 | +9 | 8 |
| Uruguay
|
4 | 3 | 0 | 1 | 13 | 5 | +8 | 6 |
| Paraguay
|
4 | 2 | 0 | 2 | 9 | 8 | +1 | 4 |
| Chile
|
4 | 1 | 0 | 3 | 8 | 12 | −4 | 2 |
 Ecuador
|
4 | 0 | 0 | 4 | 4 | 18 | −14 | 0 |
| Paraguay | 5–1 | Chile |
|---|---|---|
Godoy  10', 24' Barrios 47', 75' Aquino 88' |
Sorrel 8' |
| Peru | 5–2 | Ecuador |
|---|---|---|
| T. Fernández 6', 34', 77' J. Alcalde 16', 58' |
Alcívar 55', 89' |
| Peru | 3–1 | Chile |
|---|---|---|
| T. Fernández 46', 65' (pen.) J. Alcalde 80' |
Domínguez 55' |
| Uruguay | 3–2 | Chile |
|---|---|---|
| S. Varela 11' Camaití 30' Chirimini 73' |
Muñoz 3' Luco 39' |
| Peru | 3–0 | Paraguay |
|---|---|---|
| T. Fernández 11', 30' J. Alcalde 78' |
| Chile | 4–1 | Ecuador |
|---|---|---|
| Toro 6' Avendaño 15', 79' Sorrel 19' (pen.) |
Arenas 35' |
| Uruguay | 3–1 | Paraguay |
|---|---|---|
| Lago 14' S. Varela 40' (pen.) Porta 66' |
Barrios 59' |
| Peru | 2–1 | Uruguay |
|---|---|---|
| J. Alcalde 7' Bielich 35' |
Porta 44' |
| 1939 South American Championship champions |
|---|
 Peru First title |
7 goals
5 goals
3 goals
Tiberio Godoy Marcial Barrios Pedro Lago Roberto Porta2 goals
José Avendaño Enrique Sorrel Marino Alcívar Manuel Arenas1 goal
Alfonso Domínguez Roberto Luco Raúl Muñoz Raúl Toro Ricardo Aquino Eustaquio Barreiro Eduardo Mingo Víctor Bielich Adelaido Camaití Oscar Chirimini
