The Colorado candidate, former Finance Minister Santiago Peña, defeated both PLRA president Efraín Alegre from the Concertación alliance and former senator Paraguayo Cubas from the populist National Crusade Party.

[3] The 80 members of the Chamber of Deputies are elected by closed list proportional representation in 18 multi-member constituencies, based on the departments.

[12][13] Peña pledged to pursue "business friendly" policies, including a focus on job creation, low taxation, and attracting foreign investment into the country.

[15] Alegre pledged to cut public sector red tape and proposed a "new energy policy" with a focus on the Itaipu Dam and Yacyretá Dams (shared with Brazil and Argentina respectively), stating that Paraguay should utilize the energy generated for national development, rather than sell the power.

[15] Populist, anti-establishment candidate Paraguayo "Payo" Cubas is a former senator,[16] who described himself as a "romantic, republican and nationalist anarchist".

[20] Cubas proposed involving the Armed Forces of Paraguay in the government, and expanding the powers of the president over those of the parliament, describing the latter as a "den of thugs".

[20] Cubas has been likened by Leandro Lima of Control Risks to other right-wing populist figures from the Americas, including Donald Trump, Jair Bolsonaro, and Javier Milei.

[21][13] Alegre, who had conceded the election, called for a manual recount of votes and an international audit following the nationwide protests.