| Year | Host | Champions (Manager) | Score | Runner-up |
| 1948 | Santiago, Chile | Vasco De Gama Flavio Costa | Round Robin | River Plate |
Top scorers
| Rank | Name | Team | Goals |
|---|---|---|---|
| 1 | Roberto Capparelli | Litoral | 7 |
| 2 | Atilio Garcia | Nacional | 5 |
| Alfredo Di Stefano | River Plate | 4 | |
| 4 | Pedro Lopez | Colo-Colo | 4 |
| Máximo Mosquera | Deportivo Municipal | 4 | |
| Lelé | Vasco da Gama | 3 |