Born in Doctor Cecilio Báez, Caaguazú Department, Toledo started his career in Club Atlético Colegiales from where, after a good season, he was transferred to Cerro Porteño.
He then moved to Europe where he played briefly for Udinese Calcio (January–December 1999) and RCD Espanyol (January 2000 – June 2001); with the latter club he was involved in a forged passport scandal which led to a ban, in his first full season.
[1] After a brief spell back in South America with Colón de Santa Fe, Toledo returned to Spain, now with Real Zaragoza in the second division.
Internationally, Toledo represented Paraguay on 35 occasions, playing 82 minutes against England in a group stage 0–1 loss at the 2006 FIFA World Cup.
[3] Toledo earned his first cap on 7 March 1999 in the Copa de la Paz, netting the second goal in a 3–0 win over Bolivia.