|Dates||30 October – 27 November|
|Teams||4 (from 1 confederation)|
|Venue(s)||1 (in 1 host city)|
|Champions||Argentina (3rd title)|
|Goals scored||37 (6.17 per match)|
|Top scorer(s)|| Alfredo Carricaberry |
(3 goals each)
The eleventh edition of the South American Championship was held in Lima, Peru from 30 October to 27 November 1927. The participating countries were Argentina, Bolivia, Peru, and Uruguay. Brazil, Chile and Paraguay withdrew from the tournament. This was the first South American Championship in which Peru participated. The tournament was also used as a qualifier for the 1928 Summer Olympics and both Argentina and Uruguay were subsequently invited to enter that competition.
The Argentina team departed from Retiro railway station to Chilean city Valparaíso, where they joined Uruguayan players to board a ship to the port of Callao, Lima. They arrived in Peru after eight days of travel.
For a complete list of participants squads see: 1927 South American Championship squads
Each team played a single match against each of the other teams. Two points were awarded for a win, one point for a draw and zero points for a defeat.
|Luna 18', 56'
Carricaberry 20', 36'
Recanatini 24' (pen.)
Seoane 29', 79'
|Ulloa 49' (o.g.)
Sacco 52', 71'
|Petrone 18', 65', 81'
Figueroa 19', 67', 69'
|Bustamante 13', 14'|
|Recanatini 56' (pen.)
Canavesi 85' (o.g.)
|Scarone 33', 79'|
|Ferreira 1', 30'
Maglio 22', 25'
|1927 South American Championship champions|
- Santiago Ulloa (for Uruguay)
- Canavesi (for Argentina)