At the site where Barrancas is located today, archaeological objects and utensils have been found that belonged to the so-called Barrancoid and Saladoid cultures, the oldest of which have been dated to 1000 years before the Christian era.

Diego de Ordaz, a Spanish explorer obsessed with finding the legendary site of El Dorado, arrived in the village in August 1531 after traveling up the Orinoco River via the Caño Manamo.

Impressed by its number of inhabitants - which he estimated at "more than 400 bohíos" - he decided to descend and meet personally with the cacique "Naricagua", lord of his territories, whose name of the river "Uyapari" was associated with the village.

Under the direction of the Corporación Venezolana de Guayana, several hectares of Caribbean pine were planted between Barrancas and the nearby town of Uverito, an activity that significantly boosted the development of the area; By the 1970s it was the most important town and port in the state of Monagas, mainly due to the lack of road connections to the main nearby cities, such as Tucupita (Delta Amacuro) and Puerto Ordaz (Bolívar State), although today it continues to be an important center for the transport of goods and passengers to these cities.

A significant part of the local economy has historically been fueled by informal trade with countries such as Guyana and Trinidad and Tobago.