| Fermín Balbuena | |
| Birth Date: | 7 July 1961 |
| Birth Place: | Asunción, Paraguay |
| Height: | 175 cm |
| Position: | Midfielder |
| Years1: | 1985–1986 |
| Clubs1: | Nacional |
| Years2: | 1986–1991 |
| Clubs2: | Olimpia |
| Years3: | 1992–1993 |
| Clubs3: | Cerro Corá |
| Years4: | 1993 |
| Clubs4: | Deportes Concepción |
| Years5: | 1994–1995 |
| Clubs5: | Olimpia |
| Nationalyears1: | 1991 |
| Nationalteam1: | Paraguay |
| Nationalcaps1: | 2 |
| Nationalgoals1: | 0 |
Fermín Balbuena (born 7 July 1961) is a Paraguayan football manager and former international player who played for clubs from Paraguay and Chile.