| Grupo A | Brasil | |||
| Colombia | ||||
| Paraguay | ||||
| Perú | ||||
| Venezuela | ||||
| 31-ene-1992 | Asunción | Paraguay | 1 | Gamarra (P) |
| Venezuela | 0 | |||
| 1-feb-1992 | Asunción | Brasil | 2 | Dener (2) |
| Perú | 1 | Zegarra | ||
| 3-feb-1992 | Asunción | Perú | 1 | Maestri |
| Colombia | 4 | Lozano, Valenciano (2), Restrepo | ||
| 3-feb-1992 | Asunción | Brasil | 1 | Marcio Santos |
| Paraguay | 0 | |||
| 5-feb-1992 | Asunción | Perú | 3 | Zegarra (2, 1P), Maestri |
| Venezuela | 0 | |||
| 5-feb-1992 | Asunción | Brasil | 0 | |
| Colombia | 2 | Lozano, Valenciano | ||
| 7-feb-1992 | Asunción | Colombia | 4 | Bermúdez, Asprilla, Gaviria, Valenciano |
| Venezuela | 0 | |||
| 7-feb-1992 | Asunción | Paraguay | 7 | Gamarra (2P), Neffa (2), Cardozo, Yegros, Duarte |
| Perú | 1 | Basamobrio | ||
| 9-feb-1992 | Asunción | Paraguay | 0 | |
| Colombia | 0 | |||
| 9-feb-1992 | Asunción | Brasil | 1 | Elivelton |
| Venezuela | 1 | Rodríguez | ||
| Grupo B | Argentina | |||
| Bolivia | ||||
| Chile | ||||
| Ecuador | ||||
| Uruguay | ||||
| 2-feb-1992 | Asunción | Uruguay | 0 | |
| Ecuador | 2 | Hurtado (2) | ||
| 2-feb-1992 | Asunción | Argentina | 1 | Simeone |
| Bolivia | 0 | |||
| 4-feb-1992 | Asunción | Chile | 0 | |
| Uruguay | 1 | Saralegui | ||
| 4-feb-1992 | Asunción | Argentina | 1 | Berizzo (P) |
| Ecuador | 0 | |||
| 6-feb-1992 | Asunción | Ecuador | 4 | Chávez (A), Fernández, Chala, Carabalí |
| Bolivia | 1 | Ramos | ||
| 6-feb-1992 | Asunción | Chile | 1 | Castillo |
| Argentina | 1 | Flores | ||
| 8-feb-1992 | Asunción | Uruguay | 4 | Saralegui, Tejera, Slva, Chabat |
| Bolivia | 0 | |||
| 8-feb-1992 | Asunción | Chile | 1 | Castillo (P) |
| Ecuador | 5 | E. Hurtado (2), Fernández, P. Hurtado, Musrri (A) | ||
| 10-feb-1992 | Chile | No se jugó | ||
| Bolivia | ||||
| 10-feb-1992 | Asunción | Argentina | 1 | |
| Uruguay | 2 | |||
| Grupo Final | ||||
| 12-feb-1992 | Asunción | Ecuador | 0 | |
| Paraguay | 1 | |||
| 12-feb-1992 | Asunción | Colombia | 3 | |
| Uruguay | 0 | |||
| 14-feb-1992 | Asunción | Uruguay | 1 | Saralegui |
| Ecuador | 0 | |||
| 14-feb-1992 | Asunción | Paraguay | 1 | |
| Colombia | 0 | |||
| 16-feb-1992 | Asunción | Paraguay | 0 | |
| Uruguay | 0 | |||
| 16-feb-1992 | Asunción | Ecuador | 1 | |
| Colombia | 1 | |||
| Campeón: Paraguay | ||||