For the 1921 event, Paraguay participated for the first time after its football association affiliated to CONMEBOL earlier that same year. Argentina won the competition for the first time thanks to the goals of Julio Libonatti. In subsequent years, Uruguay would dominate the tournament, which at that time was the largest football tournament in the world. Argentina, however, would not be far behind and disputed the supremacy with the "Charruas". After losing the 1928 final at the 1928 Summer Olympics held in Amsterdam, Argentina would gain revenge in the 1929 South American Championship by defeating the Uruguayans in the last, decisive match. During this period, both Bolivia and Peru debuted in the tournament in 1926 and 1927, respectively.