The Arana–Southern Treaty (Spanish: Tratado Arana-Southern) or Convention of Settlement, formally known as the Convention for the perfect restoration of friendly relations between the Argentine Confederation and Her Britannic Majesty, was a peace treaty signed between the United Kingdom of Great Britain and Ireland and the Argentine Confederation following the Anglo-French blockade of the Río de la Plata.

In the late 1840s, the Argentine Confederation attempted to regulate traffic on the Paraná and Uruguay rivers, which impacted upon Anglo-French trade with the landlocked Paraguay.

Although militarily successful, the victories against Argentine forces proved somewhat pyrrhic, leading to the withdraw of both countries' militaries and the signing of treaties with Argentina.

Anglo-French merchantmen trespassed into the internal waters of Argentina in order to sell their products, as Rosas maintained a firm protectionist policy.

Besides, Argentina owed a substantial debt to Barings Bank and the country's suspension of payments due to the blockade had caused financial concerns for the British.

However, Rosas—as he had previously considered over the country's debt to Barings Bank—was also prepared to concede Argentina's claim to the Falkland Islands in the Convention, which would be a major point of contention and even military conflict during the next century.

Shortly after Urquiza's victory, Sir Charles Hotham, who took part in the early conflict, wrote to the Earl of Malmesbury (who had replaced Lord Palmerston) suggesting that it was time to consider breaking the Arana-Southern treaty and allow the free navigation of the Argentine rivers.

In the opinion of James Scobie, his intention was to obtain a legal instrument to force these governments to protect freedom of navigation in the event that the province of Buenos Aires tried to cut the Confederate communications with the outside.

10 or 12 years ago the Falkland Islands, having been unoccupied for some time, were taken possession of by Great Britain, and a settlement had ever since been maintained there; and he thought it would be most unadvisable to revive a correspondence which had ceased by the acquiescence of one party and the maintenance of the other.

The Mexican diplomat and historian Carlos Pereyra considers that General Rosas gave up the claim to the Falklands in order to end Britain's involvement in the River Plate blockade.