The competition was contested in two-legged home-and-away format between Brazilian team Flamengo, the 2022 Copa Libertadores champions, and Ecuadorian team Independiente del Valle, the 2022 Copa Sudamericana champions.

The first leg was hosted by Independiente del Valle on 21 February 2023 at Estadio Banco Guayaquil in Quito, Ecuador while the second leg was hosted by Flamengo on 28 February 2023 at Maracanã in Rio de Janeiro, Brazil.

Independiente del Valle defeated Flamengo 5–4 on penalties after tied 1–1 on aggregate to win their first Recopa Sudamericana.

[7] The Recopa Sudamericana is played on a home-and-away two-legged basis, with the Copa Libertadores champions hosting the second leg.

If still tied after extra time, the penalty shoot-out would be used to determine the winners (Regulations Article 17).