The 1986 South American Under-16 Football Championship (Spanish: Campeonato Sudamericano Sub-16 Peru 1986, Brazilian Portuguese: Campeonato Sul-Americano Sub-16 Peru 1986) was the 2nd edition of the South American Under-17 Football Championship, a football competition for the under-16 national teams in South America organized by CONMEBOL.

[1] Bolivia were crowned champions, and together with Brazil and Ecuador, which were the top three teams of this tournament, qualified for the 1987 FIFA U-16 World Championship in Canada.

The top two teams in each group advanced to the final stage.

When teams finished level of points, the final rankings were determined according to: All times local, PET (UTC−5).

The following three teams from CONMEBOL qualified for the 1987 FIFA U-16 World Championship.