Prior to the elections, the Revolutionary Left Movement (MIR) of incumbent Jaime Paz Zamora and the Nationalist Democratic Action (ADN) of ex-president Hugo Banzer formed the Patriotic Accord (AP) alliance.

Banzer's primary opponent was the returning Revolutionary Nationalist Movement (MNR) candidate Gonzalo Sánchez de Lozada.

[2] The campaign also saw the emergence of the "neo-populist" Max Fernández [es] and Carlos Palenque candidates who drew the support of sector of the population discontented with the mainstream political parties.

Palenque of Conscience of Fatherland (CONDEPA), in his second run, campaigned on a platform of returning to the ideals of the 1952 National Revolution.

The CONDEPA and UCS candidates won a similar number of votes with a 0.52% difference between Max Fernández and Carlos Palenque.