See main article: article and Athletics at the 2010 South American Games. The Men's 1,500m event at the 2010 South American Games was held on March 22 at 18:10.
| width=200 bgcolor=gold | Gold | width=200 bgcolor=silver | Silver | width=200 bgcolor=CC9966 | Bronze |
| Iván López | Marvin Blanco | José Mauricio González |
| Standing records prior to the 2010 South American Games | ||||||
|---|---|---|---|---|---|---|
| World record |  | 3:26.00 | Rome, Italy | 14 July 1998 | ||
| World Leading |  | 3:35.42 | Sydney, Australia | 27 February 2010 | ||
| South American record |  | 3:33.25 | Rieti, Italy | 28 August 2005 | ||
| South American U23 record | | 3:35.70 | Eugene, United States | 1 June 1985 | ||
Results were published.
| Rank | width=100 | Athlete ! | width=150 | Nationality ! | width=100 | Result ! | Notes |
|---|---|---|---|---|---|---|---|
| 3:38.04 | |||||||
 | 3:49.65 | ||||||
 | 3:50.09 | ||||||
| 4 | | 3:52.62 | |||||
| 5 |  | 3:56.12 | |||||
| 6 | | 3:56.26 | |||||
| 7 |  | 3:59.49 | |||||
| 8 | 4:07.28 | ||||||
| 9 | | 4:10.61 | |||||
| 10 |  | 4:13.53 | |||||
| – | DNF | ||||||
Intermediate times:
| width=100 | width=100 | width=200 | |||
|---|---|---|---|---|---|
| 400m | 59.92 | ||||
| 800m | 2:01.42 | ||||
| 1200m | 3:03.87 | ||||