Paraguay pulled off an incredible feat when they arrived at the 2011 Copa América in Argentina as one of the teams that could surprise everyone in the tournament. During this edition, they shared Group B with Brazil, Venezuela, and Ecuador, and managed to reach the final without winning any match in regular time under the guidance of Gerardo Martino.

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In their first group stage match, they drew 0-0 with Ecuador, followed by a 2-2 draw with Brazil in their second game. In their last group match, they played one of the most thrilling games of the tournament against Venezuela, ending in a 3-3 draw.

The Guaranis finished the group stage in third place without losing a match, but also without winning, as they drew all their games, finishing with only three points out of a possible nine. However, they advanced to the next round as the second-best third-place team.

In their first knockout match, the quarter-finals, Paraguay faced Brazil again in what seemed like a tough match with an expected Brazilian victory. However, the score remained 0-0 for the first 90 minutes and the 30 minutes of extra time. In the penalty shootout, the Guaranis won 2-0, with Brazil missing all their shots.

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In the semi-finals, Paraguay faced another familiar opponent from the group stage, Venezuela. This match also ended goalless after 120 minutes and was decided by penalties, with Paraguay winning 5-3.

After 32 years, Paraguay reached a historic final, facing Uruguay at the Estadio Más Monumental of River Plate in Buenos Aires, Argentina. Although they lost the final 3-0 and ended up as runners-up, the achievement of the South American team under Gerardo Martino will be forever remembered in history.