| 14.02.1954 | Asuncion | Libertad | 25 000 |
|
Paraguay | 4:0(1:0) | Chile | |
| Gonzalez Victor, Robustiano Macial, Cabrera Antonio, Hermosilla Ireneo, Gavillan Manuel, Arce Carlos, Lugo Manuel, Osório Hilarion, Parodi José, Romero Angel, Parodi Sílvio | Livingstone Sergio, Carrasco Isaac, Roldan Fernando, Farias Arturo, Cortez Ramiro, Robledo Eduardo, Hormazábal Enrique, Cremaschi Atilio, Robledo Jorge, Muños Manuel, Valdes Jose |
| Coach:Manuel Fleitas Solich | Luis Tirado |
| Scorers:38' Lugo Manuel, 69' Parodi José, 71' Osório Hilarion, 77' Parodi Sílvio | |
| Referee:Carl Erich Steiner (AUT) | Assistant referee:Raymond Vincenti (FRA), Juan Carlos Armental (URU) |
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