| Tourney Name: | South American Championship |
| Country: | Peru |
| Year: | 1939 |
| Dates: | 15 January – 12 February |
| Num Teams: | 5 |
| Confederations: | 1 |
| Venues: | 1 |
| Cities: | 1 |
| Champion: | Peru |
| Champion-Flagvar: | 1884 |
| Count: | 1 |
| Second: | Uruguay |
| Third: | Paraguay |
| Third-Flagvar: | 1842 |
| Fourth: | Chile |
| Matches: | 10 |
| Goals: | 47 |
| Top Scorer: |  Teodoro Fernández (7 goals) |
| Player: | Teodoro Fernández |
| Prevseason: | 1937 |
| Nextseason: | 1941 |
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 | |
See 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.
| width=165 | Team | width=20 | width=20 | width=20 | width=20 | width=20 | width=20 | width=20 | width=20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| align=left | 4 | 4 | 0 | 0 | 13 | 4 | +9 | 8 | |||||||||
| align=left | 4 | 3 | 0 | 1 | 13 | 5 | +8 | 6 | |||||||||
| align=left | 4 | 2 | 0 | 2 | 9 | 8 | +1 | 4 | |||||||||
| align=left | 4 | 1 | 0 | 3 | 8 | 12 | −4 | 2 | |||||||||
| align=left | 4 | 0 | 0 | 4 | 4 | 18 | −14 | 0 |
------------------------------------
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