The eighteenth edition of the South American Championship was held in Santiago, Chile from 14 January to 28 February.

This tournament was an extra edition, with no trophy handed to the winners, but considered official by CONMEBOL.

The participating countries were Argentina, Bolivia, Brazil, Chile, Colombia (for the first time), Ecuador, and Uruguay.

Paraguay and Peru withdrew from the tournament.

For a complete list of participating squads see: 1945 South American Championship squads Each team played against each of the other teams.