Paraguay finished as runner-up while Argentina withdrew from the tournament.

This achievement ended a 27-year streak without official titles for the Brazilians.

The last one had been in the 1922 South American Championship, also played on Brazilian soil.

Jair Rosa Pinto from Brazil was the top scorer of the tournament, with nine goals.

For a complete list of participating squads, see: 1949 South American Championship squads A playoff match was played between Brazil and Paraguay to determine the champion.