| Final Ranking | p | _w_ | _d_ | _l_ | gf | ga | g+- | | 1. Peru | 8 | 4 | 0 | 0 | 13: | 4 | +9 | | 2. Uruguay | 6 | 3 | 0 | 1 | 13: | 5 | +8 | | 3. Paraguay | 4 | 2 | 0 | 2 | 9: | 8 | +1 | | 4. Chile | 2 | 1 | 0 | 3 | 8: | 12 | -4 | | 5. Ecuador | 0 | 0 | 0 | 4 | 4: | 18 | -14 |
|
| All matches played at Lima, Stadium Nacional. | | Argentina, Bolivia and Brazil withdrew. |
|
| Team | Peru | Urug | Para | Chil | Ecua | | Peru | --- | 2:1 | 3:0 | 3:1 | 5:2 | | Uruguay | | --- | 3:1 | 3:2 | 6:0 | | Paraguay | | | --- | 5:1 | 3:1 | | Chile | | | | --- | 4:1 | | Ecuador | | | | | --- |
|
|
| date | team 1 _________ | score | team 2 _________ | HT | | Sun 15.01.39 |  Peru | 5-2 |  Ecuador | | | Sun 15.01.39 |  Paraguay | 5-1 |  Chile | | | Sun 22.01.39 | Peru | 3-1 | Chile | | | Sun 22.01.39 |  Uruguay | 6-0 | Ecuador | | | Sun 29.01.39 | Peru | 3-0 | Paraguay | | | Sun 29.01.39 | Uruguay | 3-2 | Chile | | | Sun 05.02.39 | Uruguay | 3-1 | Paraguay | | | Sun 05.02.39 | Chile | 4-1 | Ecuador | | | Sun 12.02.39 | Peru | 2-1 | Uruguay | | | Sun 12.02.39 | Paraguay | 3-1 | Ecuador | |
|
|
| 